Moody experts --- How mood and expertise influence judgmental anchoring

Abstract

Anchoring effects, the assimilation of numerical estimates to previously considered standards, are highly robust. Two studies examined whether mood and expertise jointly moderate the magnitude of anchoring. Previous research has demonstrated that happy mood induces judges to process information in a less thorough manner than sad mood, which means that happy judges tend to be more susceptible to unwanted influences. However, this may not be true for anchoring effects. Because anchoring results from an elaborate process of selective knowledge activation, more thorough processing should lead to more anchoring; as a result, sad judges should show stronger anchoring effects than happy judges and happy judges may even remain uninfluenced by the given anchors. Because information processing of experts may be relatively independent of their mood, however, mood may influence anchoring only in non-experts. Results of two studies on legal decision-making (Study 1) and numeric estimates (Study 2) are consistent with these expectations. These findings suggest that, at least for non-experts, positive mood may eliminate the otherwise robust anchoring effect.

Keywords

• anchoring effect
• mood
• expertise
• assimilation
• heuristics
• judicial decision making.