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Anchoring can heavily influence our decisions from "summary" of Predictably Rational? by Richard B. McKenzie
Anchoring, the idea that people tend to rely heavily on the first piece of information they receive when making decisions, can have a significant impact on the choices we ultimately make. This concept suggests that even when we are presented with new information that contradicts the initial anchor, we still tend to be influenced by that original reference point. Consider a scenario where a group of individuals is asked to estimate the number of countries in Africa. If they are first asked whether there are more or fewer than 10 countries in Africa, those who hear the number 10 as the anchor are likely to provide low...
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