Which of the following biases indicates a failure to adjust conclusions based on new information?

The anchoring effect refers to the cognitive bias where individuals rely too heavily on the first piece of information encountered when making decisions. This can lead to a failure to adjust conclusions appropriately when presented with new information. For example, if someone is given an initial estimate of a price, they may anchor their future estimates around that number, regardless of subsequent data that suggests a different conclusion. This bias can substantially affect decision-making processes, particularly in situations requiring the evaluation of new information, as individuals may insufficiently consider adjustments based on updated insights.

In contrast, other biases such as the framing effect deal with how information is presented rather than how it is adjusted with new data, overconfidence bias relates to an inflated sense of knowledge or skill, and outcome bias focuses on the outcomes of decisions rather than the processes or information leading to them.