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Overcoming Anchoring Bias: The Potential of AI and XAI-based Decision Support

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arxiv 2405.04972 v1 pith:IC2TNV6G submitted 2024-05-08 cs.CY cs.AIcs.HCcs.LGecon.GNq-fin.EC

Felix Haag , Carlo Stingl , Katrin Zerfass , Konstantin Hopf , Thorsten Staake This is my paper · ORCID
classification cs.CYcs.AIcs.HCcs.LGecon.GNq-fin.EC
keywords anchoringbiasdecisionsdecisionsupportxai-basedadvanceseffect
verification ladder T0 review T1 audit T2 compute T3 formal
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Information systems (IS) are frequently designed to leverage the negative effect of anchoring bias to influence individuals' decision-making (e.g., by manipulating purchase decisions). Recent advances in Artificial Intelligence (AI) and the explanations of its decisions through explainable AI (XAI) have opened new opportunities for mitigating biased decisions. So far, the potential of these technological advances to overcome anchoring bias remains widely unclear. To this end, we conducted two online experiments with a total of N=390 participants in the context of purchase decisions to examine the impact of AI and XAI-based decision support on anchoring bias. Our results show that AI alone and its combination with XAI help to mitigate the negative effect of anchoring bias. Ultimately, our findings have implications for the design of AI and XAI-based decision support and IS to overcome cognitive biases.

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