You don't particularly like to shop so only go to the mall once a month.To help make the trek more enjoyable,you always have lunch at the restaurant located inside the mall.Since you are such a creature of habit,you always order the same meal.You've noticed that the price of that meal has increased every time you have been there over the past six months.Thus,you expect the meal to increase in price next month.This is an example of which one of the following?
A)recency bias
B)anchoring and adjustment
C)frame dependence
D)aversion to ambiguity
E)clustering illusion

Question

Quizplus · Accepted Answer

This is an example of recency bias because the expectation that the meal will increase in price next month is based on the most recent experiences of price increases over the past six months, rather than on a broader analysis of price trends or other factors.

You Don't Particularly Like to Shop So Only Go to the Mall