Page No. : 373-391

The purpose of this study is to evaluate the prevalence of cognitive biases, especially heuristics and anchoring, in decision-making processes and to determine the effect that these biases have. Through the use of experimental approaches, our objective is to discover the underlying psychological processes that cause people to depend on mental shortcuts and anchor their judgements. In addition to offering a contribution to a more in-depth knowledge of decision-making processes, the results have implications for a wide range of domains, including behavioural economics and basic decision-making.