Tversky and Kahneman (1974)
According to the Dual Process Model, when we make a decision, we either use system 1 or system 2 thinking. System 1 thinking is quick and relies on past experience or mental shortcuts, called heuristics. System 2 thinking is more rational, using logic and reasoning. This system, however, is slow. One of the heuristics that affects our ability to make a rational judgment is anchoring bias. Below is a summary of a...