The anchoring-bias in groups

Abstract

Decision-making groups decide on many numerical issues, which makes them potentially vulnerable to cognitive anchors. In the current study we investigated (1) whether the anchoring-bias operates in groups, (2) under which circumstances group anchoring is more or less likely to occur and (3) which processes underlie the anchoring-bias in groups. In three group decision-making studies we found that cooperative groups were susceptible to anchors. However, the anchoring-bias in groups was mitigated when groups were made process accountable or competitively motivated. Finally, we investigated whether the anchoring bias in groups operated through a fast and early influence on individual preferences, or through biased information exchange. We found evidence for the former process, but not for the latter.