An appraiser is valuing a property that is under contract for purchase for $550,000. The appraiser's best indicators of value indicate a value between $520,000 and $530,000, but the appraiser reconciles to $550,000 in order to meet the sale price. This is best described as:

• A. Anchoring bias
• B. Confirmation bias
• C. Selection bias
• D. Cultural bias

Answer: (B)

Confirmation bias shows up when someone wants a particular outcome and interprets information to fit that outcome. Here, the appraiser has objective indicators suggesting a value around 520,000 to 530,000, yet the value is reconciled to 550,000 to align with the contract price. Instead of letting the market data drive the conclusion, the appraiser effectively selects a path that confirms the sale price. This tendency to favor or rely on information that supports the desired result is what defines confirmation bias in this context.