Anchoring Bias - The Decision Lab
Anchoring bias occurs when we rely heavily on the first piece of information we receive - called "the anchor" even when subsequent info becomes available.
Why do we compare everything to the first piece of information we received? The anchoring bias is a cognitive bias that causes us to rely heavily on the first piece of information we are given about a topic. When we are setting plans or making estimates about something, we interpret newer information from the reference point of our anchor instead of seeing it objectively. This can skew our judgment and prevent us from updating our plans or predictions as much as we should. CategoryInfo Overload Reading time19 min read Where this bias occurs Imagine you’re out shopping for a present for…
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