Source credibility and similarity of self-generated and externally-provided anchors predicts final responses: A metacognitive perspective of the anchoring heuristic

Abstract

The present research examined the hypothesis that in addition to self-generated anchors (SGAs), source credibility and the similarity between SGAs and externally-provided anchors (EPA) influence anchoring through metacognitive processing. Participants were asked to respond to two trivia questions and were required to express their initial estimates (i.e., SGAs) before being presented with values supplied by the environment (i.e., EPAs). The EPAs were manipulated to reflect either high or low similarity with participants’ SGAs. Participants were also led to believe that the EPAs derived from either a high or low credible source. Consistent with the hypotheses, high source credibility and similarity between participants’ SGAs and the EPAs led to overall stronger anchoring effects and greater confidence in final responses. The data suggest that SGA-EPA similarity and source credibility work to influence the anchoring and adjustment heuristic through metacognitive means.