Tversky and Kahneman (1974)

IB Psychology: 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 short-cuts, 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 simple...


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