Anchoring Effects

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Description

Errors in human judgement often arise because of what psychologists term anchoring and framing effects associated with decision problems. Anchoring effects arise when a seemingly trivial factor serves as a starting point (or anchor) for estimations in a decision-making problem.

Concept Prerequisite

Wikipedia Reference

http://en.wikipedia.org/wiki/Anchoring effect

Learning Material

Covered in Topic(s)

 
Making Decisions Using Models