Anchoring bias in eliciting attribute weights and values in multi-attribute decision-making

The aim of this study is to look at anchoring bias–one of the main cognitive biases–in two multi-attribute decision-making methods, SMART and Swing. First, the existence of anchoring bias in these two methods for eliciting attribute weights and attribute values is theorised. Then, a special experiment is designed to compare the results estimated by the respondents and the actual results to measure potential anchoring bias. Data were collected from a sample of university students. The statistical analyses indicate the existence of anchoring bias in the two methods. It is also interesting to see that the impact of anchoring bias in estimates provided by the decision-makers on the obtained weights and values depends on the method that is used. These findings have significant implications for the actual decision-makers. Future research may consider the potential existence of cognitive biases in other multi-attribute decision-making methods and focus on developing mitigation strategies.