In a study on real estate agents, it was found that the agents allowed the asking price of a house to unduly influence their professional evaluation of the house.What is this an example of?
A)Satisficing
B)Anchoring effect
C)Confirmation bias
D)Hindsight
E)Risky shift

Question

Quizplus · Accepted Answer

The anchoring effect is a cognitive bias where an individual relies too heavily on an initial piece of information (in this case, the asking price) to make subsequent judgments or decisions.

In a Study on Real Estate Agents, It Was Found