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Anchoring bias can significantly influence our judgments and decisions from "summary" of Super Thinking by Gabriel Weinberg,Lauren McCann
Anchoring bias is a cognitive bias that refers to our tendency to rely heavily on the first piece of information we receive when making decisions. This initial piece of information, or "anchor," can significantly influence our subsequent judgments and decisions, even if it is completely unrelated to the decision at hand. This bias can lead us astray, as we anchor on irrelevant information and fail to adjust our judgments accordingly. For example, if you are asked to estimate the population of a city and are first told a very high number, this anchor can skew your subsequent estimates to be higher than they would be otherwise. Even if you know the initial anchor is not relevant to the actual population of the city, it can still exert a powerful influence on your thinking. Anchoring bias can affect a wide range of decisions, from negotiating a salary to buying a car. In negotiations, the first offer made often serves as the anchor from which subsequent offers are based. If you anchor too high or too low, it can set the tone for the rest of the negotiation and ultimately influence the outcome. To combat anchoring bias, it is important to be aware of its influence and actively work to adjust your judgments based on relevant information. One strategy is to consciously seek out and consider multiple anchors before making a decision, rather than relying solely on the first piece of information you receive. By doing so, you can counteract the effects of anchoring bias and make more rational and informed judgments.
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