Anchoring and Adjustment

Theorist(s):    Amos Tversky 🇮🇱 and Daniel Kahneman 🇮🇱
Year:               1974
Publication:   Science
Field:               Psychology
DOI:                 10.1126/science.185.4157.1124.

Anchoring and adjustment is a psychological heuristic that influences the way people intuitively assess probabilities. According to this heuristic, people start with an implicitly suggested reference point (the “anchor”) and make adjustments to it to reach their estimate. A person begins with a first approximation (anchor) and then makes incremental adjustments based on additional information. These adjustments are usually insufficient, giving the initial anchor a great deal of influence over future assessments.

Tversky, A.; Kahneman, D. (1974). “Judgment under Uncertainty: Heuristics and Biases”. Science185 (4157): 1124 – 1131. . doi:10.1126/science.185.4157.1124.

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