Anchoring Effect: The Bias of Initial Information - Deepstash

Anchoring Effect: The Bias of Initial Information

Our judgments and decisions are often influenced by the first piece of information we encounter, acting as an anchor for subsequent choices.

  1. Can you recall a situation where your initial exposure to information influenced your subsequent decision-making process?
  2. How can you minimize the impact of anchoring effects by considering a broader range of information?

15

109 reads

CURATED FROM

IDEAS CURATED BY

asimhusanovic

As an engineer with an official degree in software engineering, I am primarily interested in science and technology. I enjoy reading literature of many genres, and I especially like those from human behavior, sociology, history, and, should I say, science

Similar ideas to Anchoring Effect: The Bias of Initial Information

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...

3. Anchoring Bias:

3. Anchoring Bias:

People give disproportionate weight to the first piece of information they encounter when making decisions. If you're negotiating the price of a used car, and the seller asks for a high price initially, you might end up paying more than you should because the high anchor influenced your perceptio...

Being aware of the anchoring bias

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...

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Personalized microlearning

100+ Learning Journeys

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates