Examlex
Complete the following statement: The term heat most accurately describes
Anchoring
The tendency people have to unconsciously base, or “anchor,” the valuation of an item they are currently thinking about on recently considered but logically irrelevant information.
Irrelevant Information
Information that has no bearing on the decisions being made, providing no value to the decision-making process.
Anchoring
A cognitive bias that describes the human tendency to rely too heavily on the first piece of information offered when making decisions.
Time Inconsistency
The human tendency to systematically misjudge at the present time what will actually end up being desired at a future time.
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