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How Does Cognitive Bias Affect Large Language Models? A Case Study on the Anchoring Effect in Price Negotiation Simulations

Conference on Empirical Methods in Natural Language Processing
Cognitive biases, well-studied in humans, can also be observed in LLMs, affecting their reliability in real-world applications. This paper investigates the anchoring effect in LLM-driven price negotiations. To this end, we instructed seller LLM agents to
Yoshiki Takenami   +3 more
semanticscholar   +1 more source

An Anchoring Effect in Large Language Models

IEEE Intelligent Systems
This article examines a well-known bias in human reasoning. Anchoring occurs when people receive a piece of information that influences their future judgments.
Daniel E. O'Leary
semanticscholar   +1 more source

The Malleability of Anchoring Effects

Experimental Psychology, 2002
Abstract. Anchoring effects - the assimilation of a numeric estimate to a previously considered standard - are typically described as very robust and persistent. Based on the assumption that judgmental anchoring involves a hypothesis-testing process in which judges actively seek and generate judgment-relevant target knowledge, it was assumed that ...
openaire   +2 more sources

Improving diffusion kinetics of zinc ions/stabilizing zinc anode by molecular slip mechanism and anchoring effect in supramolecular zwitterionic hydrogels.

Journal of Colloid and Interface Science
The severe hydrogen evolution reaction and parasitic side reaction on Zn anode are the key issues which hinder the development of aqueous Zn-based energy storage devices.
Guang Liu   +7 more
semanticscholar   +1 more source

Behavioural Aspects of Price Expectations and the Anchoring Effect on the Housing Market – Polish Case Study

Housing, Theory and Society
Housing is a heterogeneous good, which makes choosing a house a complex process. An unexplained variability of the housing prices led to growing interest in studying prices and price expectations from a behavioural perspective.
Joanna Waszczuk
semanticscholar   +1 more source

Priming and Anchoring Effects in Visualization

IEEE Transactions on Visualization and Computer Graphics, 2018
We investigate priming and anchoring effects on perceptual tasks in visualization. Priming or anchoring effects depict the phenomena that a stimulus might influence subsequent human judgments on a perceptual level, or on a cognitive level by providing a frame of reference. Using visual class separability in scatterplots as an example task, we performed
André Calero Valdez   +2 more
openaire   +2 more sources

Confinement Growth of Layered WS2 in Hollow Beaded Carbon Nanofibers with Synergistic Anchoring Effect to Reinforce Li+ /Na+ Storage Performance.

Small, 2020
Novel nitrogen doped (N-doped) hollow beaded structural composite carbon nanofibers are successfully applied for lithium-ion batteries (LIBs) and sodium-ion batteries (SIBs).
Hua-Yu Wu   +8 more
semanticscholar   +1 more source

Anchoring Effect in Life

Advances in Economics and Management Research, 2023
This article examines how human consumption behavior is influenced by three applications of the anchoring effect, including packaging influence, evaluation influence, and price influence. At the same time, it puts forward how to reduce the impact of anchoring effects in life from the perspective of psychology.
openaire   +1 more source

A new look at anchoring effects: Basic anchoring and its antecedents.

Journal of Experimental Psychology: General, 1996
In previous anchoring studies people were asked to consider an anchor as a possible answer to the target question or were given informative anchors. The authors predicted that basic anchoring effects can occur, whereby uninformative numerical anchors influence a judgment even when people are not asked to compare this number to the target value.
T D, Wilson   +3 more
openaire   +2 more sources

The anchoring effect of aviation green tax for sustainable tourism, based on the nudge theory

Journal of Sustainable Tourism, 2020
Anchors functions as a reference point for human behavior to adjust the boundaries of a plausible range of values for a question, assuming that a given anchor is greater than the boundary value for a range of plausible answers.
H. Kim, S. Hyun
semanticscholar   +1 more source

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