Anchoring Bias | 1031 Portal

The anchoring bias is a psychological phenomenon where an individual's judgments or decisions are influenced by a reference point or 'anchor' which can be completely irrelevant. This concept has been extensively studied and documented in scientific literature, with a Wikidata ID of Q92646180. The anchoring bias has been studied by organizations such as the National Bureau of Economic Research and the American Psychological Association. It can result in biased AI decision-making and has been observed in various contexts, including consumer behavior and legal judgments.