Editing Anchoring effect (section)

===Overconfidence===

Although overconfidence emanates from the heuristic and refers more specifically to a behavioural tendency to take their initial assessment and put more emphasis on it during making their initial assessment leading to cognitive conceit.<ref>{{cite journal |last1=Dubard Barbosa |first1=Saulo |last2=Fayolle |first2=Alain |last3=Smith |first3=Brett |title=Biased and overconfident, unbiased but going for it: How framing and anchoring affect the decision to start a new venture |journal=Journal of Business Venturing |year=2019 |volume=34 |issue=3 |pages=528–557 |doi=10.1016/j.jbusvent.2018.12.006 |s2cid=169264017 |doi-access=free }}</ref> Cognitive conceit or overconfidence arises from other factors like personal cognitive attributes such as knowledge and decision-making ability, decreasing the probability to pursue external sources of confirmation. This factor has also been shown to arise with tasks with greater difficulty. Even within subject matter experts, they were also prey to such behaviour of overconfidence and should more so, actively reduce such behaviour. Following the study of estimations under uncertain, despite several attempts to curb overconfidence proving unsuccessful,<ref>{{cite journal |last1=Fischhoff |first1=Baruch |title=Debiasing |journal=Judgment Under Uncertainty |date=30 April 1982 |pages=422–444 |doi=10.1017/CBO9780511809477.032|isbn=9780521284141 }}</ref> Tversky and Kahneman (1971) suggest an effective solution to overconfidence is for subjects to explicitly establish anchors to help reduce overconfidence in their estimates.<ref>{{cite journal |last1=Tversky |first1=A. |last2=Kahneman |first2=D. |title=Judgment under Uncertainty: Heuristics and Biases |journal=Science |date=27 September 1974 |volume=185 |issue=4157 |pages=1124–1131 |doi=10.1126/science.185.4157.1124|pmid=17835457 |bibcode=1974Sci...185.1124T |s2cid=143452957 }}</ref>