Are smart people less susceptible to the anchoring effect?

We find that the actual willingness to pay for various consumer goods can be manipulated by an uninformative anchor, replicating Ariely et al. (2003). We furthermore demonstrate that the anchoring effect decreases but does not vanish with higher cognitive ability.

Source: “Anchoring and cognitive ability” from Economics Letters, Volume 107, Issue 1, April 2010, Pages 66-68

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