Anchoring can skew decisionmaking from "summary" of Judgment in Managerial Decision Making by Max H. Bazerman,Don A. Moore
The concept of anchoring refers to the tendency for individuals to rely too heavily on the first piece of information they receive when making decisions. This initial piece of information, or anchor, can then influence subsequent judgments and decisions, often leading to biased outcomes. When individuals are presented with an anchor, whether it be a suggested price, an initial estimate, or any other piece of information, they tend to adjust their subsequent judgments based on this anchor. This adjustment is often insufficient, resulting in a skewed decision that is closer to the anchor than it should be.
Anchoring can skew decision-making because individuals fail to make adequate adjustments from the initial ...
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