When decision makers fail to adjust adequately for information because they fixate on initial information they received, they are influenced by ________.
A)sunk costs error
B)hindsight bias
C)availability bias
D)anchoring effect
E)selective perception bias

Question

Quizplus · Accepted Answer

The anchoring effect occurs when decision makers fixate on initial information and fail to adjust adequately for subsequent information. They allow the initial information to anchor their subsequent judgments and decisions, resulting in biased outcomes.

When Decision Makers Fail to Adjust Adequately for Information Because