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Anchoring and Adjustment

Anchoring and Adjustment.

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Anchoring and Adjustment

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  1. Anchoring and Adjustment Anchoring and adjustment is a heuristicpeople use. They begin with a first approximation, which is used as an anchor. They then make an adjustment to that number on the basis of additional information. Normally, people rely too heavily on the anchor and the adjustment is too small so that the number is biased in direction to the anchor (see Tversky & Kahneman, 1974). Anchoring and adjustment is one of the heuristics found by Kahneman and Tversky, along with the availability heuristic and the representativeness heuristic. (Source: Matlin, 2003) Contributor © POSbase 2003

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