The studies described in this paper investigated the use of a decisional heuristic—anchoring-and-adjustment—in an information-rich, real world setting. In order to assess the generalizability of laboratory research on this decision heuristic, students and real estate agents toured and made pricing decisions about real estate properties. It was hypothesized that manipulated listing prices would anchor values assigned to the properties. Results were consistent with the use of an anchoring-and-adjustment value estimation strategy in information-rich, real world settings. Implications for the understanding of judgmental expertise are discussed.
Northcraft, G. B., &Neale, M. A. (1987). Experts, amateurs, and real estate: An anchoring-and-adjustment perspective on property pricing decisions. Organizational behavior and human decision processes, 39(1), 84-97.