Trap -1: Anchoring Bias

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...

The tendency to rely heavily on one piece of information (often the first thing you hear) when making decisions.

This is why it pays off to be the first one to offer a bolstering range instead of a firm number when negotiating your salary. The first offer will establish the possibilities i...

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...