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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 on individual decision making... 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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