Want to demonstrate human “irrationality”? Ask half of your audience the following question: Was Elvis older or younger than age 45 when he died? Ask the other half: Was Elvis older or younger than age 75 when he died? Then ask both groups: How old was Elvis when he died? Those asked if Elvis was older or younger than age 45 tend to estimate a lower age of death than those asked about age 75. This is an illustration of the “anchoring and adjustment” heuristic. When people estimate a q...
