Asked by Alissa Prete on May 05, 2024
Verified
Isolating transactions from the overall set of consumption options is known as anchoring.
Anchoring
A cognitive bias that describes the human tendency to rely too heavily on the first piece of information offered when making decisions.
- Comprehend the role and influence of framing and anchoring effects in consumer behavior.
Verified Answer
SP
Sarah PaytonMay 12, 2024
Final Answer :
False
Explanation :
Anchoring refers to the cognitive bias where an individual relies too heavily on an initial piece of information (the "anchor") when making decisions. Isolating transactions from the overall set of consumption options is known as mental accounting, not anchoring.
Learning Objectives
- Comprehend the role and influence of framing and anchoring effects in consumer behavior.