In a 1997 experiment, participants were first asked whether the Indian leader Mahatma Gandhi died before or after a certain age,
then were asked to guess the precise age at which Gandhi died. People who were first asked whether or not Gandhi died at age 9 gave an estimate (50 years) much lower on average than those who were first asked whether or not he died at age 140 (67 years). This experiment is a perfect example of which of the following?
a.The anchoring effect
b.Availability heuristic
c.Loss aversio
The anchoring effect is the term of creative thinking that is used to make the decision. It is used to solve the problem. In this phenomenon, the person makes the judgment based on the initial information that comes into the mind to make the subsequent decision about the situation. When a person makes a set other judgment been made and adjusted and bias could occur related to the information that is around the anchor.
It takes away the anchor from the decision
Should be aware of the target
Thus in the above experiment, the participants used the anchor bias effect in answering the question.
The southern colonies were made up of mostly coastal plains and piedmont areas. The soil was good for farming and the climate was warm, including hot summers and mild winters. The growing season here was longer than any other region. The southern colonies' economy was based on agriculture (farming).
I would say that knowing how much your rate will go up after the introductory offer would be the most important of these choices. The others are features that you might not use at all. The interest rate on your purchases would be the one that affects you the most.
