Anchor effects in decision making can be reduced by the interaction between goal monitoring and the level of the decision makers executive functions
Models of decision making postulate that interactions between contextual conditions and characteristics of the decision maker determine decision-making performance. We tested this assumption by using a possible positive contextual influence (goals) and a possible negative contextual influence (anchor) in a risky decision-making task (Game of Dice Task, GDT). In this task, making advantageous choices is well known to be closely related to a specific decision maker variable: the individual level of executive functions. One hundred subjects played the GDT in one of four conditions: with self-set goal for final balance (n=25), with presentation of an anchor (a fictitious Top 10 list, showing high gains of other participants; n=25), with anchor and goal definition (n=25), and with neither anchor nor goal setting (n=25). Subjects in the conditions with anchor made more risky decisions irrespective of the negative feedback, but this anchor effect was influenced by goal monitoring and moderated by the level of the subjects executive functions. The findings imply that impacts of situational influences on decision making as they frequently occur in real life depend upon the individuals cognitive abilities. Anchor effects can be overcome by subjects with good cognitive abilities.
anchor effect goal monitoring executive functions game of dice task decision making under risk