The anchoring-and-adjustment heuristic: why the adjustments are insufficient.

@article{Epley2006TheAH,
  title={The anchoring-and-adjustment heuristic: why the adjustments are insufficient.},
  author={Nicholas Epley and Thomas D Gilovich},
  journal={Psychological science},
  year={2006},
  volume={17 4},
  pages={
          311-8
        }
}
One way to make judgments under uncertainty is to anchor on information that comes to mind and adjust until a plausible estimate is reached. This anchoring-and-adjustment heuristic is assumed to underlie many intuitive judgments, and insufficient adjustment is commonly invoked to explain judgmental biases. However, despite extensive research on anchoring effects, evidence for adjustment-based anchoring biases has only recently been provided, and the causes of insufficient adjustment remain… CONTINUE READING

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