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
Mentioned in ?
References in periodicals archive ?
information, the anchoring bias suggests that the first items of
the anchoring bias may require refinement to better reflect such
49) Anchoring bias leads people to over-weigh one of many relevant factors simply because it is prominent in their minds.
98) Overconfidence or optimism bias (99) would inflate its expectation of success, while the desire to continue earning a high rate of return on invested capital (if the firm has had a fortunate run of things) may produce an anchoring bias, (100) leading it to view supracompetitive profits as the anchor.
In the AHRQ project, we found that fast thinking errors were associated with specific biases, which included anchoring bias (paying attention to only certain criteria and ignoring others), overconfidence bias, and do no harm bias.
When bargaining between buyer and seller begins with an initial reference point such as the listing price, the process is said to have an anchoring bias as the anchor tends to provide an arbitrary basis for all subsequent negotiation.
Anchoring bias -- relying too heavily on one trait or one piece of information.
Finally, anchoring bias plays out in everyday life in the tendency of some people to let a single, terrible event dominate their psyche and decision making, such as when an individual avoids investing in the stock market because of a bad prior investment.
Anchoring bias -- overly relying on selective past events when building future forecasts or using some past events as an anchor to evaluate new information even when there is no correlation.
Some studies have shown that experts, too, can suffer from anchoring bias (Northcraft and Neale, 1987; Englich, Mussweiler, and Strack, 2006).
In a real estate example, Northcraft and Neale (40) found that anchoring bias influences amateur and expert valuations of real estate.