Quote: anchoring: people estimate unknown value by insufficient adjustment from some initial value; e.g., 8x7x6... vs. 1x2x3...

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In many situations people estimate an unknown value … initial value or starting point may be suggested … Whatever the source of the initial value, adjustments … This phenomenon is called anchoring. … [p. 154] For example, the median estimates of the … which received 10 and 65 per cent as … [from a wheel of fortune]. … [p. 154] Two groups of high-school students estimated, within … One group estimated the product 8x7x6x5x4x3x2x1, while another … computation and estimate the product by extrapolation or … The median estimate for the ascending sequence was …   Google-1   Google-2

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Topic: probability assessment (26 items)