In the context of the anchoring effect, human decision-making relies on heuristic reference points where System 1 thinking dominates and System 2 thinking is bypassed, even when the reference point is rationally irrelevant to the decision.

Authors

• Person: Paul Conner Organization: Quirk's
  Behavioral economics: what it is and three ways marketers can use it

Sources

• Behavioral economics: what it is and three ways marketers can use it www.quirks.com Paul Conner · Quirk's via serper

Referenced by nodes (1)

• System 1 concept