`psychologyofchoices` Related Article Results

The Anchoring Effect refers to a cognitive bias in which individuals rely disproportionately on initial information, known as the anchor, when making judgments under uncertainty. This heuristic plays a fundamental role in decision-making, particularly in numerical estimation, evaluation, negotiation, and risk assessment. It reveals how initial values subtly, yet powerfully, influence subsequent reasoning. Historical Background The term was first introduced by psychologists Amos Tversky and Danie