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 |