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 provides concise yet precise definitions of organizational concepts, management methods, and business models as taught in an MBA program. We keep it short and provide links to high-quality websites where you can learn more about your topic. |
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