What is the process of making decisions based on established ideas or standards called?

The process of making decisions based on established ideas or standards is best described by the term "anchoring heuristic." This cognitive bias occurs when individuals rely heavily on the first piece of information they encounter (the "anchor") when making decisions. For instance, if someone is asked to estimate the value of a product after being presented with a high initial price, they may anchor their judgment around that price, even if the actual value is lower. This highlights how prior information influences subsequent judgments and decisions, making the anchoring heuristic a key concept in understanding decision-making processes.

While the other terms relate to aspects of decision-making, they do not directly address the process of relying on established standards in the same way. A mental set refers to the tendency to approach problems in a habitual manner, fixation describes an inability to see a problem from a new perspective, and heuristics are general strategies or rules of thumb that simplify decision-making. However, it is the anchoring heuristic that specifically emphasizes the influence of initial information on subsequent judgments.