Mark was looking to buy an used car. His friends had suggested that he check the mileage on the car and the safety record of the model and year of a car before buying it. He was thus focusing extensively on the odometer reading and the model of the year of the car to evaluate the value of the car, instead of inspecting the engine or the transmission of the vehicle. This implies that Mark was engaging himself in the _________ bias.

Question

Quizplus · Accepted Answer

Anchoring bias occurs when people rely too heavily on the first piece of information they receive when making a decision. In this case, Mark is relying too heavily on the odometer reading and the model of the year of the car to evaluate the value of the car, instead of inspecting the engine or the transmission of the vehicle.

Mark Was Looking to Buy an Used Car