Horne 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 refers to the tendency of individuals to rely too heavily on initial information (the "anchor") when making subsequent judgments or decisions, even when such information is irrelevant or unreliable. In the case of real estate agents, the listing price serves as the anchor, and agents tend to adjust their appraisals based on this initial piece of information, rather than on more objective and relevant data.

Horne Appraisals Offered by Real Estate Agents Are Heavily Influenced