Empirical evidence for resource-rational anchoring and adjustment
Abstract
People's estimates of numerical quantities are systematically biased towards their initial guess. This anchoring bias is usually interpreted as sign of human irrationality, but it has recently been suggested that the anchoring bias instead results from people's rational use of their finite time and limited cognitive resources. If this were true, then adjustment should decrease with the relative cost of time. To test this hypothesis, we designed...
Paper Details
Title
Empirical evidence for resource-rational anchoring and adjustment
Published Date
May 8, 2017
Volume
25
Issue
2
Pages
775 - 784
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