The anchoring bias reflects rational use of cognitive resources
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Cognitive biases, such as the anchoring bias, pose a serious challenge to rational accounts of human cognition. We investigate whether rational theories can meet this challenge by taking into account the mind's bounded cognitive resources. We asked what reasoning under uncertainty would look like if people made rational use of their finite time and limited cognitive resources. To answer this question, we applied a mathematical theory of bounded rationality to the problem of numerical estimation. Our analysis led to a rational process model that can be interpreted in terms of anchoring-and-adjustment. This model provided a unifying explanation for ten anchoring phenomena including the differential effect of accuracy motivation on the bias towards provided versus self-generated anchors. Our results illustrate the potential of resource-rational analysis to provide formal theories that can unify a wide range of empirical results and reconcile the impressive capacities of the human mind with its apparently irrational cognitive biases.
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Previous research emphasizes the importance of collaborative decision-making in health care to mitigate individual cognitive biases.
“This is in line with previous research emphasizing the importance of collaborative decision-making in health care to mitigate individual cognitive biases [47].”
From Mitigating cognitive biases in clinical decision-making through multi-agent conversations using large language models: simulation study (2024) · cites this paper as [47]
The Abstract and the section on resource-rationality discuss cognitive biases and limited cognitive resources, but not collaborative decision-making in health care. Searches for collaborative decision-making and for clinical or medical group decisions found no passage addressing whether collaboration mitigates individual biases. (LLM, conf=0.76)
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- Authors
- Lieder, F., Griffiths, T. L., M. Huys, Q. J., & Goodman, N. D.
- Affiliations
- University of Zurich (CH)
- University of California, Berkeley (US)
- Stanford University (US)
- Corresponding author
- Lieder, Falk
- Venue
- Psychonomic Bulletin & Review
- Published
- 2017-05-08
- Volume
- 25
- Issue
- 1
- Pages
- 322-349
- ISSN
- 1069-9384 (ISSN-L)
- 1531-5320
- OpenAlex
- W2613289252
- Cited by
- 230
- References
- 127
- Citations by year
- 2026: 26 · 2025: 25 · 2024: 44 · 2023: 35 · 2022: 31 · 2021: 20 · 2020: 19 · 2019: 13 · 2018: 7 · 2017: 9 · 2013: 1
- FWCI
- 1.95
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- Psychonomic Bulletin & Review (publishedVersion)
- PubMed (publishedVersion)
- eScholarship (California Digital Library) (submittedVersion)
- Zurich Open Repository and Archive (University of Zurich) (submittedVersion)
- Funders
- Multidisciplinary University Research Initiative (N00014-13-1-0341)
- Office of Naval Research (N00014-13-1-0341, ONR MURI N00014-13-1-0341, MURI N00014-13-1-0341, N00014)
- Air Force Office of Scientific Research (N00014-13-1-0341, FA‐9550‐10‐1‐0232)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Life Sciences › Neuroscience › Cognitive Neuroscience › Cognitive Science and Education Research
- Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
- Keywords
- anchoring effect, anchoring and adjustment, bounded rationality, cognitive resources, uncertainty reasoning, numerical estimation, accuracy motivation
- MeSH terms
- Heuristics, Cognition, Humans, Motivation, Probability, Problem Solving, Bias, Uncertainty
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
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