Psychophysics and the judgment of price: Judging complex objects on a non-physical dimension elicits sequential effects like those in perceptual tasks

Judgment and Decision Making

Volumn 4, Issue 1, 2009, Pages 64-81

  Matthews, William J ^b   Stewart, Neil ^a  

^a Economic and Social Research

^b UNIVERSITY OF WARWICK   (United Kingdom)

Author keywords

Anchoring; Magnitude estimation; Price; Sequential effects

Indexed keywords

EID: 70350191682     PISSN: None     EISSN: 19302975     Source Type: Journal    
DOI: None     Document Type: Article

References (45)

1. Baird, J. C., Green, D. M., & Luce, R. D. (1980). Variability and sequential effects in cross-modality matching of area and loudness. Journal of Experimental Psychology: Human Perception and Performance, 6, 277- 289.
2. Beckstead, J.W. (2007). A note on determining the number of cues used in judgment analysis studies: The issue of type II error. Judgment and Decision Making, 2, 317-325.
3. Beckstead, J. W. (2008). Modeling sequential context effects in judgment analysis: A time series approach. Judgment and Decision Making, 3, 570-584.
4. Brown, S. D., Marley, A. A. J., Donkin, C., & Heathcote, A. (2008). An integrated model of choices and responses times in absolute identification. Psychological Review, 115, 396-425.
5. DeCarlo, L. T. (1992). Intertrial interval and sequential effects in magnitude scaling. Journal of Experimental Psychology: Human Perception and Performance, 18, 1080-1088.
6. DeCarlo, L. T., & Cross, D. V. (1990). Sequential effects in magnitude scaling: models and theory. Journal of Experimental Psychology: General, 119, 375-396.
7. Epley, N., & Gilovich, T. (2006). The anchoring-andadjustment heuristic: Why the adjustments are insufficient. Psychological Science, 17, 311-318.
8. Garner, W. R. (1953). An informational analysis of absolute judgments of loudness. Journal of Experimental Psychology, 46, 373-380.
9. Holland, M. K., & Lockhead, G. R. (1968). Sequential effects in absolute judgments of loudness. Perception & Psychophysics, 3, 409-414.
10. Hollingworth, H. L. (1909). The inaccuracy of movement. Archives of Psychology, 13.
11. Jesteadt, W., Luce, R. D., & Green, D. M. (1977). Sequential effects in judgments of loudness. Journal of Experimental Psychology: Human Perception and Performance, 3, 92-104.
12. Laming, D. (1984). The relativity of 'absolute' judgments. British Journal of Mathematical and Statistical Psychology, 37, 152-183.
13. Laming, D. (1995). Screening cervical smears. British Journal of Psychology, 86, 507-516.
14. Laming, D. (2004). Human Judgment: The eye of the beholder. London: Thomson Learning.
15. Lockhead, G. R. (1984). Sequential predictors of choice in psychophysical tasks. In S. Kornblum & J. Requin (Eds.), Preparatory states and processes (pp. 27-47). Hillsdale, NJ: Erlbaum.
16. Lockhead, G. R., & King, M. C. (1983). A memory model of sequential effects in scaling tasks. Journal of Experimental Psychology: Human Perception and Performance, 9, 461-473.
17. Lorch, R. F., & Myers, J. L. (1990). Regression analyses of repeated measures data in cognitive research. Journal of Experimental Psychology: Learning, Memory, and Cognition, 16, 149-157.
18. Masson, M. E. J., & Loftus, G. R. (2003). Using confidence intervals for graphically based data interpretation. Canadian Journal of Experimental Psychology, 57, 203-220.
19. Matthews, W. J., Benjamin, C., & Osborne, C. (2007). Memory for moving and static images. Psychonomic Bulletin & Review, 14, 989-993.
20. Matthews, W. J., & Stewart, N. (in press). The effect of inter-stimulus interval on sequential effects in absolute identification. Quarterly Journal of Experimental Psychology.
21. Miller, G. A. (1956). The magical number seven, plus or minus two: some limits on our capacity for information processing. Psychological Review, 63, 81-97.
22. Mori, S. (1998). Effects of stimulus information and number of stimuli on sequential dependencies in absolute identification. Canadian Journal of Experimental Psychology, 52, 72-83.
23. Mori, S., & Ward, L. M. (1995). Pure feedback effects in absolute identification. Perception & Psychophysics, 57, 1065-1079.
24. Mussweiler, T., &Englich, B. (2005). Subliminal anchoring: Judgmental consequences and underlying mechanisms. Organizational Behavior and Human Decision Processes, 98, 133-143.
25. Mussweiler, T., & Strack, F. (1999). Hypothesisconsistent testing and semantic priming in the anchoring paradigm: A selective accessibility model. Journal of Experimental Social Psychology, 35, 136-164.
26. Neter, J., Kutner, M. H., Nachtsheim, C. J., & Wasserman, W. (1996). Applied linear regression models (3rd Ed.). London: Irwin.
27. Parducci, A. (1965). Category judgment: A range frequency model. Psychological Review, 72, 407-418.
28. Parducci, A. (1968). The relativism of absolute judgment. Scientific American, 219, 84-90.
29. Petzold, P., & Haubensak, G. (2001). Higher order sequential effects in psychophysical judgments. Perception & Psychophysics, 63, 969-978.
30. Reynolds, G. S., & Stevens, S. S. (1960). Binaural summation of loudness. The Journal of the Acoustical Society of America, 32, 1337-1344.
31. Staddon, J. E. R., King, M., & Lockhead, G. R. (1980). On sequential effects in absolute judgment experiments. Journal of Experimental Psychology: Human Perception and Performance, 6, 290-301.
32. Stevens, S. S., & Guirao, M. (1962). Loudness, reciprocality, and partition scales. The Journal of the Acoustical Society of America, 34, 1466-1471.
33. Stewart, N., Brown, G. D. A., & Chater, N. (2005). Absolute identification by relative judgment. Psychological Review, 112, 881-911.
34. Stewart, N., & Simpson, K. (2008). A decision-bysampling account of decision under risk. In N. Chater & M. Oaksford (Ed.s), The probabilistic mind: Prospects for Bayesian cognitive science, (pp. 261- 276). Oxford: Oxford University Press.
35. Treisman, M., & Williams, T. C. (1984). A theory of criterion setting with an application to sequential dependencies. Psychological Review, 91, 68-111.
36. Tversky, A. & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185, 1124-1131.
37. Vlaev, I. & Chater, N. (2007). Context effects in games: Local versus global sequential effects on choice in the prisoner's dilemma game. Judgment and Decision Making, 2, 380-389.
38. Ward, L. M. (1979). Stimulus information and sequential dependencies in magnitude estimation and crossmodality matching. Journal of Experimental Psychology: Human Perception and Performance, 5, 444-459.
39. Ward, L. M. (1982). Mixed-modality psychophysical scaling: Sequential dependencies and other properties. Perception & Psychophysics, 31, 53-62.
40. Ward, L. M. (1985). Mixed-modality psychophysical scaling: Inter- and intramodality sequential dependencies as a function of lag. Perception & Psychophysics, 38, 512-522.
41. Ward, L. M. (1987). Remembrance of sounds past: Memory and psychophysical scaling. Journal of Experimental Psychology: Human Perception and Performance, 13, 216-227.
42. Ward, L. M. (1990). Mixed-methods mixed-modality psychophysical scaling. Perception & Psychophysics, 48, 571-582.
43. Ward, L. M., & Lockhead, G. R. (1970). Sequential effects and memory in category judgments. Journal of Experimental Psychology, 84, 27-34.
44. Ward, L. M., & Lockhead, G. R. (1971). Response system processed in absolute judgment. Perception & Psychophysics, 9, 73-78.
45. Wilson, T. D., Houston, C. E., Etling, K. M., & Brekke, N. (1996). A new look at anchoring effects: Basic anchoring and its antecedents. Journal of Experimental Psychology: General, 125, 387-402.