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When Does a Bias Based on the Anchoring Heuristic Occur

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When does a bias based on the anchoring heuristic occur?


Definitions:

Normality Condition

A requirement that the distribution of sample means approximates a normal distribution, assuming the sample size is large enough, which is crucial for the application of many statistical tests.

Wilcoxon Rank

A nonparametric test that compares two paired groups to determine if their population mean ranks differ significantly.

Alternative Hypothesis

The hypothesis that proposes there is a statistically significant difference between two data sets or a deviation from the null hypothesis.

Spearman Rank

A method that non-parametrically quantifies the rank correlation to determine how well a monotonic function can depict the relationship between two variables.

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