Meta-Analysis on Anchoring Bias in Finance

The anchoring impact is one of the most vigorous psychological heuristics. This paper reviews the literature reflecting upon various components, models and mechanisms used to explain this behavioural bias. The anchoring effect is both robust and has many implications in all decision making processes. This review paper documents various domains and tasks in which the effect has been shown. Finally there view looks at the applications of the anchoring effects in everyday life.