Piggy Bank Estimations
Here are some interesting results regarding the recent Piggy Bank challenge.
Below are two graphs representing reader estimates. The graph on the left (Part 1) shows reader estimates without knoweldge of the weight of the Piggy Bank. The graph on the right (Part 2) shows reader estimates with knowledge of the weight.
The red bars represent the actual value of the Piggy Bank: $80.41. Not only are there significantly more “close” estimates in Part 2, the average estimate is $70.02; this is about 13% less than the actual value. Compare that with the average estimate in Part 1 of $46.98, which is about 41% less than the actual value.
Did readers actually use the knowledge of the weights to make a better “guesstimation”? Or is this perhaps an example of the anchoring effect?