What does the term ‘anchoring bias’ refer to?

A. The tendency to rely heavily on the first piece of information encountered
B. The inclination to favor information that confirms existing beliefs
C. The error of assuming a small sample reflects a larger population
D. The tendency to judge a situation based on past experiences

Answer: The tendency to rely heavily on the first piece of information encountered


Additional Information: Anchoring bias occurs when people give disproportionate weight to the first piece of information they receive.


Subjects: Psychology