Is the tendency to privilege the first information we encounter, even when subsequent information turns out to be more relevant or realistic.
How to control it: Because the anchoring effect can give you blinders for specific metrics, be sure that you're always reviewing data from new angles.
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How to make rational decisions
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Similar ideas to 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.
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 t...
An answer to a number question can be influenced by previous information (even if it is completely unrelated to it). Using this strategy to influence decisions is called priming.
It acts as an anchoring effect, the human starts from the real answer he/she would give and go...
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