Anchoring and Adjustment Bias-Being Influenced by an Initial Figure

question 84

Essay

Anchoring and adjustment bias-being influenced by an initial figure.It is sometimes seen in real estate sales.Before the crash in the real estate markets,many homeowners might have been inclined at first to list their houses at an extremely high (but perhaps randomly chosen)selling price.These sellers were then unwilling later to come down substantially to match offers that reflected what the marketplace thought the house was really worth.

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Definitions:

Usually Men

The term "usually men" implies that certain behaviors, tendencies, or patterns are predominantly associated with or observed in male individuals.

More Likely To Be Poor

A higher probability or tendency for certain individuals or groups to experience poverty due to various socioeconomic factors.

Ensuring Empty House

The act or strategy of making sure a house or dwelling is unoccupied, typically for nefarious purposes.

Water Meter

A device that measures the amount of water usage in residential, commercial, or industrial properties to bill the consumers accordingly.