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10 Mich. Bus. & Entrepreneurial L. Rev. 179 (2020-2021)
Precise Punishment: Why Precise Punitive Damage Requests Result in Higher Awards than Round Requests

handle is hein.journals/mijoeqv10 and id is 193 raw text is: PRECISE PUNISHMENT: WHY PRECISE PUNITIVE DAMAGE REQUESTS RESULT IN HIGHER AWARDS THAN ROUND REQUESTS Michael Conklin * TABLE OF CONTENTS I. INTRODUCTION ................................................................................... 179 II. LITERATURE REVIEW .......................................................................... 180 A. The Anchoring Effect Generally.................................................. 180 B. Precise Versus Round Anchors ................................................... 183 C . P unitive D am ages .......................................................................184 III. M ETHODOLOGY AND PREDICTIONS..................................................... 187 IV . R E SU LT S .............................................................................................188 V. DISCUSSION ........................................................................................190 A . G en era l.......................................................................................19 0 B. Civil Defense Attorney Relevance............................................... 193 C . F uture R esearch.......................................................................... 194 VI. CONCLUSION ......................................................................................195 VII. APPENDIX A........................................................................................196 I. INTRODUCTION Imagine a setting where someone asks two people what the temperature is outside. The first person says it is 80 OF, while the second person says it is 78.7 OF. Research regarding precise versus round cognitive anchoring suggests that the second person is more likely to be believed.1 This is because it is human nature to assume that if someone gives a precise answer, he must have good reason for doing so.2 This principle remains constant in a variety of settings, including used car negotiations,3 eBay transactions,4 and estimating the field goal percentage of a basketball player.5 * Powell Endowed Professor of Business Law, Angelo State University. For a TED Talk the author gave on the subject of cognitive anchoring, see TEDx Talks, Anchoring I Michael Conklin I TEDxGrandiunction, YouTUBE (Oct. 17, 2018), https://youtu.be/UvF2wl03iX4. 1. See, e.g., Malia F. Mason, Alice J. Lee, Elizabeth A. Wiley & Daniel R. Ames, Precise Offers are Potent Anchors: Conciliatory Counteroffers and Attributions of Knowledge in Negotia- tions, 49 J. EXPERIMENTAL SOC. PSYCH. 759 (2013). 2. See id. at 762. 3. See David D. Loschelder, Johannes Stuppi & Roman Trotschel, E14,875?!: Precision Boosts the Anchoring Potency of First Offers, 5 SOC. PSYCH. & PERS. SCi. 491, 491 (2013). 179

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