Asked by
Katherine Marie
on Nov 25, 2024
Verified
Anchoring leads people to consider irrelevant information when making decisions.
Irrelevant Information
Information that has no bearing on the decisions being made, providing no value to the decision-making process.
Anchoring
A cognitive bias that describes the human tendency to rely too heavily on the first piece of information offered when making decisions.
- Recognize different psychological tendencies and their impact on making economic choices.
- Understand the significance of framing effects and mental accounting on decision-making processes.
Verified Answer
HT
Learning Objectives
- Recognize different psychological tendencies and their impact on making economic choices.
- Understand the significance of framing effects and mental accounting on decision-making processes.
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