"[H]euristics can often result in errors due to the influence of cognitive biases that may influence a decision-maker's judgment. Common cognitive biases that influence decisions include Confirmation bias ... Anchoring bias ... 'Halo effect' ... [T]hese three cognitive biases often come into play in the fiduciary decision-making process. The most notable example of this is the refusal of plan sponsors to listen to anyone other than their existing plan advisers and their refusal to consider alternative options."  MORE >>