Sterman, John D. - In: Management Science 35 (1989) 3, pp. 321-339
, often producing systematic errors and biases. Yet for the most part models of aggregate phenomena in management science and … economics are not consistent with such micro-empirical knowledge of individual decision-making. One explanation has been the … diverge from optimal behavior. An anchoring and adjustment heuristic for stock management is proposed as a model of the …