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Decision Making: Anchoring Bias and Overconfidence Bias

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This posting briefly offers ideas to explain how anchoring bias and overconfidence bias might reinforce each other. It further analyzes how these two factors can likely influence the decision making process and can often lead to poor judgments. It also suggests some steps to avoid or at least minimize these two biases?

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100 words of personal explication is informally presented to define and briefly discuss notions of anchoring bias and overconfidence bias.

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I believe that anchoring bias and overconfidence bias might reinforce each other since we tend to fixate on the first information available when we exhibit anchoring bias and get "stuck" in our inability to see all other decision options and fail to adjust for ...

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Stacy Shaneyfelt, MA
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  • MA, Slippery Rock University
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