Publisher's Synopsis
The anchoring effect is a bias in people's decisions and responses, caused by the involuntary interaction between Thinking Systems 1 (Instinctive) and 2 (Rational) and activated by the way in which situations or questions are formulated by including information from irrelevant variables. This bias leads to inconsistencies in the predictions about individuals' decision making with respect to those expected by orthodox economic theory, where individualism and rationality predominate in the search for equilibria that maximise expected utility.
