Anchoring and Adjustment
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OA: closed
Abstract
This technical report compares alternative computational models of numerical estimation using Bayesian model selection. We find that people's estimates are best explained by a resource-rational model of anchoring and adjustment according to which the number of adjustments increases with error cost but decreases with time cost so as to achieve an optimal speed-accuracy tradeoff.
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- last seen: 2026-05-19T01:45:01.086888+00:00