  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.
