Initial information can heavily influence final decisions from "summary" of Judgment in Managerial Decision Making by Max H. Bazerman,Don A. Moore
The information we receive at the beginning of a decision-making process can have a significant impact on the choices we ultimately make. This phenomenon occurs because we tend to anchor on initial information, allowing it to serve as a reference point for subsequent judgments. When we are presented with a piece of information early on, we subconsciously give it more weight than it may actually deserve. This anchoring effect can lead us to make decisions that are not necessarily in our best interest, as we may be overly influenced by information that is not particularly relevant or accurate. Anchoring can be particularly problematic when it comes to numerical values. For example, if we are given a high anchor number before estimating a value, our final estimate is likely to be higher than if we were given a lower anch...
Similar Posts
Economic indicators like the Consumer Price Index (CPI) help track changes in the economy
Economic indicators are tools that help us understand how well an economy is doing. One of these indicators is the Consumer Pri...
Longterm thinking is essential for financial success
It's easy to get caught up in the short-term noise of the financial markets. The constant fluctuations, the daily headlines, th...
Our collective future depends on our ability to think critically
The ability to think critically is essential for the future of our society. It is not just a personal skill, but a collective n...
Avoid the anchoring effect
Anchoring is a cognitive bias that describes the human tendency to rely too heavily on the first piece of information encounter...
Brain responds to social threats
When we perceive a social threat, our brain triggers a reflexive response aimed at protecting us from harm. This response is ro...
The power of storytelling in shaping perceptions
Storytelling has a mystical power that goes beyond mere entertainment; it can shape our perceptions in ways we may not even rea...
Understanding fallacies can improve reasoning skills
Understanding fallacies is crucial in the development of better reasoning skills. By being able to identify common fallacies su...
The brain craves novelty for growth
Novelty is what the brain craves, for it is through novelty that the brain grows. When we experience something new, something u...
Mastering the art of mirroring and matching behavior
To be persuasive, one must be able to establish rapport with the person they are trying to persuade. One technique to achieve t...
Communicate effectively
Effective communication is a fundamental skill that is essential in both personal and professional settings. It involves convey...