Anchoring Bias

A bias in risk assessment in which a patient will estimate the risk of an adverse outcome based on the risk of another related event or procedure already familiar to the patient
Segen's Medical Dictionary. © 2012 Farlex, Inc. All rights reserved.
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After years of fantastic innovations that helped bring the automobile to the masses, Ford fell prey to the anchoring bias that leads people to make, or fail to make, new decisions by referencing their prior experience.
These include availability bias, confirmation bias, overconfidence bias, and anchoring bias (Rebecca Fay and Norma R.
The heuristic maintains that anchoring bias is caused by insufficient adjustment because final judgments are assimilated toward the starting point of a judge's deliberations [1].
The experts of behavioural finance believe that psychological and cognitive biases such as overconfidence, anchoring bias, representative bias, information bias, create financial markets anomalies.
Anchoring bias is a human tendency to rely on an initial piece of information even when new information comes to light (8).
For example, Czerwonka (2017) finds that Polish students are less susceptible to anchoring bias than those from India possibly because Indian students think in a more holistic manner.
Individual decisions are often influenced by the "Gambler's Fallacy" (the expectation that past events influence the future), the "Confirmation Bias" (looking for information that supports one's beliefs but ignores other information) and the "Anchoring Bias" (basing one's final decision based off prior information).
The anchoring bias is the common predisposition to rely on initial information, results, or experience (i.e., the "anchor") when making judgments (Tversky & Kahneman, 1974).
The admitting physician's prolonged focus on a possible complication from chiropractic manipulation may be characterized as an anchoring bias."
It has been clarified time and again that evaluating debt statistics in isolation isprone to 'Anchoring Bias' wherein underlined economic realities are ignored in favour of narrative bias.
(6) These include anchoring bias, in which one is locked into an aspect of the case; framing bias, in which there is misdirection because of the way the problem was posed; availability bias, in which things are judged by what comes readily to mind, such as a recent experience; and confirmation bias, in which one looks for confirmatory evidence of one's preferred diagnosis while ignoring evidence to the contrary.