Based on these findings, the Article revisits several long-standing legal debates and reevaluates their conclusions. Furthermore, the effect is shown to exist when participants express judgments about a hypothetical scenario and when they make decisions with ramifications for others. Anchoring effect - Free download as Word Doc (.doc /. This effect is documented in numerous legal settings and across both expert (i.e., experienced lawyers) and non-expert (i.e., students) populations. To illustrate the anchoring bias or effect, let’s say I ask you how old Mahatma Gandhi was when he died. Overall, the results confirm the proposed hypothesis and suggest that the content of substantive legal rules might be altered by anchors. To test this hypothesis, the Article presents a series of stylized experiments that measure and compare participants’ interpretation of a vague norm after they have been exposed to irrelevant anchors. This Article extends this insight and hypothesizes that the process of interpreting vague legal norms is subject to an anchoring effect as well. Building on this body of work, legal scholars have shown that judicial decisions related to remedies (i.e., damages and penalties) are also influenced by such anchors. A large body of psychological research demonstrates that when people make judgments on a continuum, they are often affected by meaningless anchors. This information becomes a reference point for all subsequent decisions that we make. How old was Gandhi when he died A) Was he older or younger than 144 B) Was he older or. We tend to rely quite heavily on the first piece of information to which we are exposed. Anchoring Bias Affects Judgment Even When We Know It Shouldnt. This Article presents the first empirical study on the way in which irrelevant anchors influence the interpretation of vague legal standards. The anchoring effect is one of the most robust topics studied in behavioral economics.
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