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The Anchoring Effect
The Anchoring effect is a phenomenon studied in the art of persuasion and influence.
It states that people tend to register the first piece of information that they get and 'anchor' it in their minds subconsciously. This makes them compare the second piece of information they get with the anchored information in their minds, automatically.
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Beliefs and Statistics
- Researchers extract a lot of false certainty from data which is used to study a particular hypothesis, due to their myopic thinking, confirmation bias, and other cognitive assumptions that they aren't even aware of.
- Many researchers believe in small samples of data as if they stand f...
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The Eye Poster Experiment
It points out our irrational bias and behavior towards our surroundings. How people succumb to irrational beliefs was demonstrated in an experiment at a University Kitchen.
It found out that if there was a poster with eyes put up near the kitchen counter, then people were more lik...
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Statistics Inaccuracies
Most studies that involve statistical research remain largely inaccurate, and a large number of hypotheses use data samples which are inadequate.
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Anchoring
Anchoring is a cognitive bias where an individual depends too heavily on an initial piece of information offered to make subsequent judgments during decision making.
Anchoring influences all kinds of purchases. Research found that people who move to a new city generall...
Being aware of the anchoring bias
The first number mentioned in a negotiation, however arbitrary, exerts a powerful influence on the negotiation that follows.
You can avoid being the next victim of the anchoring bias by making the first offer (or offers) and trying to anchor talks in your preferred direct...
The Anchor Effect In Lottery
The framing of the winning amount (You could win a hundred million dollars!) creates an anchor in the player's mind and the focus becomes the large sum of money.
The price of the lottery ticket (a dollar) seems inconsequential in front of the large figure already anchored...
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