You are part of a group making a decision about whether it is appropriate to discontinue research on a new drug. This new drug would save lives, but it is uncertain whether you can develop it within a reasonable time frame and at a reasonable cost. Your firm has already spent a small fortune on this drug. You have gathered so much information in preparation to making the decision that you are unable to sort the good information from the superfluous data. Well after you have started trying to make a decision, new information comes to light that implies that the drug may be able to be synthesized much more cheaply than was previously thought.
-What must you try to avoid when integrating this new information?
A) anchoring bias
B) overconfidence bias
C) confirmation bias
D) availability bias
E) representative bias

Question

Quizplus · Accepted Answer

Anchoring bias is the tendency to rely too heavily on the first piece of information you receive when making a decision. In this case, the first piece of information is that the drug is expensive to synthesize. This information may have led you to believe that the drug is not worth developing, even though the new information suggests that it may be able to be synthesized much more cheaply.

You Are Part of a Group Making a Decision About