Authors: Andrea Caputo
Addresses: Department of Business Administration, Princess Sumaya University for Technology, P.O. Box 1438 Al-Jubaiha, 11941 Amman, Jordan
Abstract: Although personality has been one of the most-studied factors in management and decision-making research, this stream of research has generated inconsistent support for the relationship between personality traits and individuals' susceptibility to heuristics, and therefore biased judgment. The aim of this study is to investigate how the provision of correct information and individual difference factors influence susceptibility to anchoring effect. To test this hypothesis, individual levels of the personality traits have been measured. Then, participants were provided with an anchoring task involving the Taj Mahal either providing them correct information before the experiment or not. Providing individuals with the correct information limited susceptibility to the irrelevant anchor; even if only 33% of those exactly recalled it when providing the estimate. High values in agreeableness and openness to experience were found to be related with reduced susceptibility to the anchor.
Keywords: anchoring effect; personality traits; judgment; decision making; bias; heuristics; biased judgments.
International Journal of Management and Decision Making, 2014 Vol.13 No.1, pp.62 - 76
Received: 22 Jan 2013
Accepted: 12 Sep 2013
Published online: 26 Dec 2013 *