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

• URL: http://arxiv.org/abs/2405.04972v1
• Date: Wed, 8 May 2024 11:25:04 GMT
• Title: Overcoming Anchoring Bias: The Potential of AI and XAI-based Decision Support
• Authors: Felix Haag, Carlo Stingl, Katrin Zerfass, Konstantin Hopf, Thorsten Staake,
• Abstract summary: Information systems (IS) are frequently designed to leverage the negative effect of anchoring bias to influence individuals' decision-making. Recent advances in Artificial Intelligence (AI) have opened new opportunities for mitigating biased decisions.
• Score: 0.0
• License: http://creativecommons.org/licenses/by-nc-nd/4.0/
• Abstract: 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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