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Definition: Anchoring Bias is the human tendency to overly trust information, especially the first piece of information that is available (treated as an "anchor), in decision making and negotiating. |
More on individual decision making: Bayesian Theory, Black Swan Theory, Bounded Rationality, Cognitive Bias, Cognitive Dissonance, more... You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA. MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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