martes, 3 de junio de 2014

Is Anchoring influencing our daily life (economic) decisions?

Anchoring is one of the most important biases to consider in our daily life decisions and judgments under uncertainty (Tversky and Kahneman, 1974). Its importance lies mainly in two aspects: its capacity and its prevalence. Regarding the first aspect, it has the capacity to attach or “anchor” our thoughts to certain reference point, in that sense, it leads to a distortion of how we assess probabilities in our daily lives. Concerning its prevalence, anchoring acts commonly when people deal with new concepts and objects, involving also a deep mechanism that avoid people from escape or control its influence, even when there are incentives for controlling its effects (Simmons et al., 2010) or when people are conscious of the bias (Wilson et al., 1996).

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