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SUSCEPTIBILITY TO ANCHORING EFFECTS: HOW OPENNESS-TO-EXPERIENCE INFLUENCES RESPONSES TO ANCHORING CUES Keith Dowd,  Appalachian State University Dr. Todd McElroy,  Appalachian State University ,[object Object],[object Object],ABSTRACT Previous research on anchoring and adjustment has shown this heuristic to be a very robust psychological phenomenon ubiquitous across many domains of human judgment and decision-making.  Despite the prevalence of anchoring effects throughout human decision processes, researchers have only recently begun to investigate the underlying factors responsible for how and in what ways a person is susceptible to them.  This paper examines how one such factor, the Big-Five personality trait of openness-to-experience, influences the effect of previously presented anchors on participants' judgments.  Across two studies, participants completed the ten-item personality inventory (TIPI) scale to assess their level of openness-to-experience and were then presented with a traditional anchoring task.  Our findings indicate that participants high in openness-to-experience were significantly more influenced by anchoring cues relative to participants low in this trait.  These findings were consistent across two different types of anchoring tasks providing convergent evidence for our hypothesis. BACKGROUND PROCEDURE  &  RESULTS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],For more information,  email KD57363@appstate.edu ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Hypothesis Study 1 Results Study 1 Procedure CONCLUSION  Study 3 Procedure Study 3 Results Study 2 Results Study 2 Procedure Average estimate as a function of openness to experience and anchor Anchor High Low Openness High 10,021.30 6,876.02 Low 698.50 1,372.00 Average estimate as a function of openness to experience and anchor Anchor High Low Openness High 43.5 25.3 Low 33.7 33.7

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Susceptibility to Anchoring Effects and Openness-to-Experience (Keith Dowd)

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