Two years ago we began a project to track and catalogue the pernicious impact of anchoring on jury awards in New York state.[1] The data we collected over the previous year confirms the trends we first identified in our prior article: Improper anchoring remains a massive, but solvable, problem that imposes unnecessary burdens on an already overtaxed court system and state.[2]
First, improper anchoring handsomely rewards its practitioners. Along these lines, the collective value of the pain and suffering verdicts procured through improper anchoring in our study was approximately $1.5 billion. Second, the awards obtained through improper anchoring are illusory, as the $1.5 billion in verdicts was ultimately reduced by $930 million. Third, several readily identifiable solutions to the anchoring problem are available.
Anchoring
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