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Ers.edu Copyright # 2002 John Wiley & Sons, Ltd. 66 Journal of Behavioral Decision Making Vol. 15, Iss. No. 1 Since Tversky and Kahneman introduced this experimental design, the anchoring bias has been found to be quite robust and dif cult to debias (e.g. Chapman and Johnson, 1994, 1999; Jacowitz and Kahneman, 1995; Northcraft and Neale, 1987; Plous, 1989; Quattrone et al., Explorations in anchoring: The effects of prior range, anchor extremity and suggestive hints', unpublished manuscri.

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What is Anchoring Bias? Anchoring bias occurs when people rely too much on pre-existing information or the first information they find when making decisions. For example, if you first see a T-shirt that costs $1,200 – then see a second one that costs $100 – you're prone to see the second shirt as cheap.

Examples of the anchoring effect Usually, when you want to purchase a product, you wait for the other party to tender an offer. Research shows that in uncertain situations, offers can attract reasonable negotiations. Cases of higher offers usually have higher sales prices than lower first offers.

The anchoring effect is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the “anchor”) when making decisions. During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments.

Anchoring bias describes people's tendency to rely too heavily on the first piece of information they receive on a topic. Regardless of the accuracy of that information, people use it as a reference point, or anchor, to make subsequent judgments.

For example, imagine that someone is planning to buy a smartwatch, and the first price they see online is $250. It is a watch they want, and therefore that first price becomes the anchor. From that point forward, every other smartwatch is compared relative to the $250 price point.

Examples of the Anchoring Effect in Psychology One group is asked if Gandhi died before or after age 144. The other group is asked if Gandhi died before or after age 32. Both groups are then asked to estimate what age Gandhi actually died at.

A cognitive bias in which people rely too heavily on the first piece of information offered (the "anchor") when making decisions. Anchoring occurs when individuals use an initial piece of information to make SUBSEQUENT judgments.

The anchoring effect is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the “anchor”) when making decisions. During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232