The Anchoring and Adjustment Heuristic is a mental shortcut used in decision-making where an initial, or "anchor" point is set, and adjustments are made until an acceptable value is reached. The anchor, once set, has a strong influence, often leading to bias because adjustments are typically insufficient shifts from the initial anchor, resulting in estimations skewed towards the anchor.| Simply Psychology
Cognitive bias is a systematic error in thinking, affecting how we process information, perceive others, and make decisions. It can lead to irrational thoughts or judgments and is often based on our perceptions, memories, or individual and societal beliefs.| Simply Psychology
A heuristic in psychology is a mental shortcut or rule of thumb that simplifies decision-making and problem-solving. Heuristics often speed up the process of finding a satisfactory solution, but they can also lead to cognitive biases.| Simply Psychology