Jaycilyn thinks that she can get a three-bedroom apartment near campus for $250/month.Marty tells her that he saw one advertised for $600/month.Jaycilyn changes her original estimate,and now thinks that she can get an apartment for $300/month.Jaycilyn's revised estimate is affected by the ____ heuristic.
A) algorithm
B) availability
C) anchoring
D) representativeness

Question

Quizplus · Accepted Answer

The anchoring heuristic refers to the tendency to rely too heavily on the first piece of information encountered when making decisions. In this case, Jaycilyn's original estimate of $250/month is the anchor or starting point for her subsequent estimate of $300/month. She adjusts her estimate based on this previous information, even though it may not be accurate or relevant.

Jaycilyn Thinks That She Can Get a Three-Bedroom Apartment near Campus