3: The Anchoring Effect - Deepstash
3: The Anchoring Effect

3: The Anchoring Effect

The Anchoring Effect is a cognitive bias that can significantly influence our decisions, even without us knowing it.

When facing unfamiliar territory, our minds tend to use anchors to guide us.

However, these anchors can sometimes be misleading, causing us to make inaccurate guesses and decisions.

  • Have you ever guessed the weight of an object by comparing it to an anchor point?
  • Or do you use anchor points when trying to estimate a statistic, like the population of a country?

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yuyutsu

Content Curator | Absurdist | Amateur Gamer | Failed musician | Successful pessimist | Pianist |

This series explores 21 different cognitive mind traps, fallacies, biases and other phenomenon that exist within your brain. This series is inspired by Daniel Kahneman's "Thinking Fast and Slow."

Similar ideas to 3: The Anchoring Effect

The Anchoring Effect

It's our tendency to place importance on the first figure that we hear or see and tends to greatly affect our decisions, estimates or predictions.

Negotiators use this tactic and start with an extremely high or low number, anchoring the subsequent deal in their favour.

No One Is Immune To The Anchor Effect

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:

  1. Be aware of the anchor effect and recognize that our need for a bargain and even our moo...

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