ECIN Replication Package for "Underpowered studies and exaggerated effects: A replication and re-evaluation of the magnitude of anchoring effects"

Name: ECIN Replication Package for "Underpowered studies and exaggerated effects: A replication and re-evaluation of the magnitude of anchoring effects"
Published: 2024-09-13
License: https://creativecommons.org/licenses/by/4.0

Principal Investigator(s): View help for Principal Investigator(s) Tongzhe Li, University of Guelph; Collin Weigel, California Air Resources Board; Paul Ferraro, Johns Hopkins University; Kent Messer, University of Delaware

Version: View help for Version V4

Name	File Type	Size	Last Modified
A2_reduce_15.png	image/png	161.9 KB	11/17/2024 09:48:AM
A3_samplesize.png	image/png	191.6 KB	11/09/2024 10:36:AM
A4_anchor_ends.png	image/png	161.4 KB	11/17/2024 09:48:AM
A5_native_grass.png	image/png	170.2 KB	11/17/2024 09:48:AM
A6_power_sd.png	image/png	152.2 KB	11/09/2024 11:14:AM
A7_power_wtp.png	image/png	152 KB	11/17/2024 09:48:AM
A8_power_wtp_bergman.png	image/png	199.5 KB	11/17/2024 09:48:AM
A9_Average_Bids.png	image/png	119.8 KB	11/17/2024 09:48:AM
Bergman et al Data Dictionary.xlsx	application/vnd.openxmlformats-officedocument.spreadsheetml.sheet	8.7 KB	11/19/2024 04:39:AM
Data Cleaning File.do	text/plain	4.6 KB	11/17/2024 06:38:AM

Project Citation:

Li, Tongzhe, Weigel, Collin, Ferraro, Paul, and Messer, Kent. ECIN Replication Package for “Underpowered studies and exaggerated effects: A replication and re-evaluation of the magnitude of anchoring effects.” Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-01-13. https://doi.org/10.3886/E209092V4

Project Description

Summary: This is data and code accompanying the article "Underpowered studies and exaggerated effects: A replication and re-evaluation of the magnitude of anchoring effects." We reconsider one of the most widely studied behavioral biases: anchoring effects. We estimate that study designs in this literature, including replication studies, routinely fail to achieve statistical power of more than 30%. This study replicates an anchoring study that reported an effect size of a 31% increase in participants’ bids. In the replication, we increased the design’s statistical power from 46% to 96%, reducing the average exaggeration of a statistically significant result by a factor of seven. Our replication results reject the size of the original estimated effects. We find an estimated effect of 3.4% (95% CI [-3.4%, 10%]).

Scope of Project

JEL Classification:
      C93 Field Experiments
      D00 Microeconomics: General
      D12 Consumer Economics: Empirical Analysis

Manuscript Number: ECIN-Oct-2023-0442

Geographic Coverage: Mid-Atlantic region of U.S.

Time Period(s): 2015 – 2017

Data Type(s): experimental data

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