Episode 21: Anchors Aweigh!

How do we figure out how much something should cost or what the value of a thing should be? One decision-making heuristic process for this is anchoring and adjustment. Discover how this is used not only in game playing but in everyday life as well.

Game References

Modern Art, Power Grid, Wits and Wagers

Research References

Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science185(4157), 1124-1131.

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