to mind and adjust until a plausible estimate is reached when making decisions. A study he co-authored with Nicholas Epley found that anchoring is actually several different effects, and the multiple causes are at play. Another study that Gilovich and Nicholas Epley coauthored found that once an anchor is set, people adjust away from it, though their adjustments tend to be insufficient, so their final guess is close to the initial anchor. Self-handicapping In his social psychology research, Gilovich discovered the phenomenon of self-handicapping, which he described as "attempts to manage how others perceive us by controlling the attributions they make for our performance." An example of self-handicapping, according to Gilovich, would be drawing attention to elements that inhibit performance, and so discount failure in others' eyes, or make success the result of overcoming insurmountable odds. The self-handicapping can either be real (failing to study or drinking excessively), or faked (merely claiming that there were difficult obstacles present). Gilovich has stated that the strategy is most common in sports and undergraduate academics, but that it often backfires. Research in behavioral economics Besides his contributions to the field of social psychology, Gilovich's research in cognitive psychology has influenced the field of behavioral economics. Gilovich has written a popular book condensing his academic research in the field, and which touches on many of the topics in How We Know What Isn't So, The Wisest One in the Room: How You Can Benefit from Social Psychology's Most Powerful Insights. In an interview with Brian Lehrer, Gilovich discussed the book and the subjects it touches on, such as the difference between intelligence and wisdom, the latter being knowledge of other people and how to connect with them, the negative impact of income inequality on happiness, motivation, and what can create "virtuous cycles" in a university environment. Kirkus Reviews gave it a positive review, writing, "The authors leap from personal behavior and motivation in the first half into societal, cultural, and even international change in the second, offering suggestions, if not necessarily a working blueprint, for how to achieve goals such as global environmental responsibility. None of this is riveting reading, but it rarely lapses into academic jargon." Experiential purchases A major recurring theme in Gilovich's work in behavioral economics is the importance of experience over ownership of material things. For instance, a paper he co-authored with Leaf Van Boven found that people overwhelmingly preferred