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Adaptive Anchoring Model: How Static and Dynamic Presentation of Time Series Influence Judgments and Predictions

Kusev, Petko and van Schaik, Paul (2016) Adaptive Anchoring Model: How Static and Dynamic Presentation of Time Series Influence Judgments and Predictions. In: International Meeting of the Psychonomics Society, 5-8th May 2016, Spain. (Unpublished)

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Abstract

When attempting to predict future events, people commonly rely on historical data. One psychological characteristic of judgmental
forecasting of time series, established by research, is that when people make forecasts from series they tend to underestimate future values for upward trends and overestimate them for downward ones, so-called ‘trend-damping’ (modeled by anchoring on, and insufficient adjustment from, the average of recent time series values). Events in a time series can be experienced sequentially
(dynamic mode) or they can also be retrospectively viewed simultaneously (static mode), not experienced individually in real time. In one experiment, we studied the influence of presentation mode (dynamic and static) on two sorts of judgment: (i) predictions of the next event (forecast), and (ii) estimation of the average value of all the events in the presented series (average estimation). Participants’ responses in dynamic mode were anchored on more
recent events than in static mode for all types of judgment but with different consequences; hence dynamic presentation improved prediction accuracy, but not estimation. These results are not
anticipated by existing theoretical accounts; we develop and present a model - the Adaptive Anchoring Model (ADAM) to account for the difference between processing sequences of dynamically and statically presented stimuli (visually presented data). ADAM captures how variation in presentation mode produces variation in responses (and the accuracy of these responses) in both forecasting and judgment task

Item Type: Conference or Workshop Item (Paper)
Additional Information: Abstract published in an abstract booklet
Subjects: B Philosophy. Psychology. Religion > BF Psychology
Schools: Huddersfield Business School
Related URLs:
Depositing User: Sharon Beastall
Date Deposited: 14 Jun 2017 10:47
Last Modified: 14 Jun 2017 10:48
URI: http://eprints.hud.ac.uk/id/eprint/32233

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