Cognitive biases, such as the anchoring bias, pose a serious challenge to rational accounts of human cognition. We investigate whether rational theories can meet this challenge by taking into account the mind's bounded cognitive resources. We asked what reasoning under uncertainty would look like if people made rational use of their finite time and limited cognitive resources. To answer this question, we applied a mathematical theory of bounded rationality to the problem of numerical estimation.Our analysis led to a rational process model that can be interpreted in terms of anchoring-and-adjustment. This model provided a unifying explanation for ten anchoring phenomena including the differential effect of accuracy motivation on the bias towards provided versus self-generated anchors. Our results illustrate the potential of resource-rational analysis to provide formal theories that can unify a wide range of empirical results and reconcile the impressive capacities of the human mind with its apparently irrational cognitive biases.Keywords: bounded rationality; heuristics; cognitive biases; probabilistic reasoning; anchoring-and-adjustment; rational process models A RATIONAL PERSPECTIVE ON ANCHORING-AND-ADJUSTMENT 3The anchoring bias reflects rational use of cognitive resources Many classic theories in economics, philosophy, linguistics, social science, and psychology are built on the assumption that humans are rational (Frank & Goodman, 2012;Friedman & Savage, 1948;Harman, 2013;Hedström & Stern, 2008;Lohmann, 2008) and therefore act according to the maxims of expected utility theory (Von Neumann & Morgenstern, 1944) and reason according to the laws of logic (Braine, 1978;Fodor, 1975;Mill, 1882;Newell, Shaw, & Simon, 1958) or probability theory (Oaksford & Chater, 2007). The assumption that people are rational was challenged when a series of experiments suggested that people's judgments systematically violate the laws of logic (Wason, 1968) and probability theory (Tversky & Kahneman, 1974).For instance, Tversky and Kahneman (1974) showed that people's probability judgments appear to be insensitive to prior probability and sample size but are influenced by irrelevant factors such as the ease of imagining an event or the provision of an unrelated random number. These systematic deviations from the tenets of logic and probability are known as cognitive biases. According to Tversky and Kahneman (1974), cognitive biases result from people's use of fast but fallible cognitive strategies known as heuristics.The discovery of cognitive biases was influential because following the rules of logic and probability was assumed to be the essence of rational thinking. Evidence that people deviate from these rules brings human rationality into question. This doubt is shaking the foundations of economics, the social sciences, and rational models of cognition. If the human mind does not follow rational principles, then there is little hope that we will be able to able derive unifying laws of cognition from a basic set of axio...