According to the anchoring effect, people
A)resist problem solutions developed by others.
B)depend too much on problem solutions developed by others.
C)don't adjust successive estimates enough in the face of new information.
D)rely too much on the most recent information received.
E)tend to invest additional resources in an apparently failing course of action.

Question

Quizplus · Accepted Answer

The anchoring effect is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions. During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments. Once an anchor is set, other judgments are made by adjusting away from that anchor, and there is a bias toward interpreting other information around the anchor. This means people don't adjust their successive estimates enough away from the initial anchor, even when presented with new information.

According to the Anchoring Effect, People