A mental shortcut through which people begin with a rough estimation as a starting point and then adjust this estimate to take into account the unique characteristics of the present situation is the anchoring and Adjustment Heuristic.
What Are Heuristics?
A heuristic, also known as a heuristic methodology, is a problem-solving strategy that makes use of numerous shortcuts or practical methods to generate answers that, while not always ideal, are adequate in the face of time constraints.
What is the anchoring and Adjustment Heuristic?
A person uses the cognitive heuristic of "anchoring and adjustment," whereby they begin with a basic notion and then modify their views in light of this notion. When the original anchor deviates from the genuine value, it has been demonstrated that anchoring and adjustment would yield incorrect results.
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