Concept information
Preferred term
anchoring and adjustment heuristic
Definition
- Definition Life requires people to estimate uncertain quantities. How long will it take to complete a term paper? How high will mortgage rates be in five years? What is the probability of a soldier dying in a military intervention overseas? There are many ways to try to answer such questions. [Source: Encyclopedia of Social Psychology; Anchoring and Adjustment Heuristic]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/anchoring_and_adjustment_heuristic
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