Anchoring and Adjustment
Falk Lieder, Tom Griffiths, Quentin J. M. Huys, Noah D. Goodman · 2017
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.