What is the difference? Aren’t they both just emphasizing original data, but a&a is more numbers based original data (forecasts) while conservatism is more broad? Is A&A a form of conservatism?
Thanks!
It’s a sub-category under conservatism
Conservatism Bias is when you come across new information and don’t make changes. Anchoring Bias doesn’t necessarily have to be new information, but it’s more about not making changes when you come across correct information.
That’s what I was able to gather from test answers.
Status quo bias is when you don’t make changes. Conservatism is when you come across new information and don’t make adequate changes. You conservatively incorporate the new information into your prior beliefs, overweighting your prior beliefs and underweighting the new information. Anchoring is more values based, where you have a set number in place, say i think apple stock is worth $5, and new info comes out, I anchor myself to my original $5 value and then adjust upward and downward from there based on the new info, rather than synthesizing it all correctly. Consevatism and Anchoring are pretty similar, though.
I may be wrong. These biases are too qualitative for me.
Nah I reckon you’re pretty spot on here, at least this is how I understand anchoring vs conservatism too.
Also, I think conservative is belief perseverance and anchoring is information processing
BAM nailed it! Money in the Bank!