Anchoring affects how people evaluate options from "summary" of Misbehaving by Richard H Thaler
Anchoring is a concept that influences how individuals assess and make decisions about various options. When people are presented with a specific starting point or reference point, known as the anchor, they tend to use this information as a basis for their subsequent evaluations. This initial anchor can significantly impact their judgment, leading them to make decisions that may not be entirely rational or logical. For example, imagine a scenario where individuals are asked to estimate the cost of a particular item after being shown a high price as the initial anchor. Even if the actual cost of the item is much lower, the presence ...
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