This has to do with our incredibly strong tendency to avoid losses wherever possible. If we buy something and it’s bad, we lose money. But if we get something for free, the potential downside is zero. It still might be good for us, though, so we value free items much more highly than we should.
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Anchoring is an extremely strong bias, and even if we are aware of it, it still works. We can follow certain rules to avoid this highly prevalent and effective cognitive bias as much as possible:
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