indroduction on anchoring
Answers
We often pay attention to irrelevant information. This happens because we develop estimates by starting with an initial anchor that is based on whatever information is provided and adjust from the anchor (sometimes our adjustments are not sufficient). This is called anchoring.
More problematic perhaps is that the existence of an anchor leads people to think of information consistent with that anchor (commitment and consistency) rather than access information that is inconsistent with that anchor.
Anchoring is commonly observed in real estate and the stock market. Many BUYERS tend to negotiate based on the listed price of a house — and many SELLERS tend to determine the list priced based on adjusting their purchase price.
Some interesting points on anchoring: (1) Experts and non-experts are affected similarly by an anchor; (2) Anchoring-adjustment may occur in any task requiring a numerical response, provided an initial estimate is available; and (3) One study of particular importance for investors, by Joyce and Biddle (1981), found support for the presence of the anchoring effect among practicing auditors of major accounting firms.
Explanation:
Anchoring is the problem of connecting, inside an artificial system, symbols and sensor data that refer to the same physical objects in the external world. This paper introduces the special issue on perceptual anchoring of the Robotics and Autonomous Systems journal.