Asked by Hunter Gregory on Jun 18, 2024
Verified
According to the anchoring effect, people
A) resist problem solutions developed by others.
B) depend too much on problem solutions developed by others.
C) don't adjust successive estimates enough in the face of new information.
D) rely too much on the most recent information received.
E) tend to invest additional resources in an apparently failing course of action.
Anchoring Effect
A cognitive bias where an individual relies too heavily on an initial piece of information (anchor) when making decisions.
- Characterize and discern assorted cognitive biases, for instance, the not-invented-here bias and the anchoring effect.
Verified Answer
CA
Christelle asumaniJun 23, 2024
Final Answer :
C
Explanation :
The anchoring effect is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions. During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments. Once an anchor is set, other judgments are made by adjusting away from that anchor, and there is a bias toward interpreting other information around the anchor. This means people don't adjust their successive estimates enough away from the initial anchor, even when presented with new information.
Learning Objectives
- Characterize and discern assorted cognitive biases, for instance, the not-invented-here bias and the anchoring effect.