According to the text, one important economic application of the anchoring and adjustment bias is
A)To estimate production costs of simple operations
B)To evaluate consumer behavior with regard to luxury spending
C)To increase productivity in volunteer organizations
D)In estimating the failure rates of complex projects

Question

Quizplus · Accepted Answer

The text states that the anchoring and adjustment bias can affect the estimation of failure rates in complex projects, which is an important economic application. The other answer choices are not mentioned in the text as economic applications of this bias.

According to the Text, One Important Economic Application of the Anchoring