A behavioral bias in which an individual tends to allow an initial estimate (of value or price) to dominate the subsequent assessment (of value or price) regardless of new information to the contrary is called:
A) foreclosing.
B) anchoring.
C) depreciating.
D) leasing.
E) cooperating.

Question

Quizplus · Accepted Answer

This is the definition of the anchoring bias, where the initial estimate (the anchor) influences subsequent assessments, even if new information contradicts it.

A Behavioral Bias in Which an Individual Tends to Allow