IPASJ INTERNATIONAL JOURNAL OF MANAGEMENT(IIJM)

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ISSN 2321-645X

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IMPACT FACTOR

ILLUSION OF RELEVANCE: ANCHORING IN ECONOMIC AND MONEY DATA, Authors : Mr. Shivam Singh,IPASJ INTERNATIONAL JOURNAL OF MANAGEMENT(IIJM) ,http://www.ipasj.org/IIJM/IIJM.htm

Volume & Issue no: Volume 5, Issue 7, July 2017


Title:
ILLUSION OF RELEVANCE: ANCHORING IN ECONOMIC AND MONEY DATA
Author Name:
Mr. Shivam Singh
Abstract:
ABSTRACT Contemporary analysis documents numerous psychological aspects of economic thought and decision-making. the most goal of our study is to research the role of the anchoring (bias) (Tversky and Kahneman, 1974) in perceiving economic and money info, and, particularly, the result of perceived connection of the anchors on the degree of the bias. Anchoring bias refers to peoples tendency to make their estimates for various classes, ranging from a selected accessible, and infrequently irrelevant , price and insufficiently adjusting their final judgments from this beginning price. we supply out associate experiment involving a gaggle of Master in Business students, asking them to recall variety of recent economic and money indicators (stock and bond market index returns, rates of inflation, currency exchange rates, etc.), with half the participants receiving actual info regarding some unrelated indicators (anchors), before responsive the queries. we have a tendency to document that important anchoring bias is exhibited, on average, for every of our experimental queries and by overwhelming majority of the participants, the degree of the bias being higher for ladies and older participants. moreover, within the context of the result of anchors perceived connection, we discover that individuals exhibit considerably stronger bias in cases once the anchor is given as an identical class. Our findings indicate that if, a minimum of at the primary look, associate anchor bears some similarity to the target question, then the ensuing answer could also be a lot of assimilated towards the anchor.
Cite this article:
Mr. Shivam Singh , " ILLUSION OF RELEVANCE: ANCHORING IN ECONOMIC AND MONEY DATA " , IPASJ INTERNATIONAL JOURNAL OF MANAGEMENT(IIJM), Volume 5, Issue 7, July 2017 , pp. 024-026 , ISSN 2321-645X.
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