Home appraisals offered by real estate agents are heavily influenced by listing prices, even when more objective and more useful information is available. Which cognitive heuristic is responsible for this bias?

Question

Quizplus · Accepted Answer

The anchoring-and-adjustment heuristic is responsible for this bias. Real estate agents anchor their appraisals on the listing prices and then adjust them based on other available information. However, this adjustment is not enough to completely eliminate the influence of the anchor, leading to an over-reliance on the listing price.

Home Appraisals Offered by Real Estate Agents Are Heavily Influenced