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Anchoring bias influences decision making from "summary" of Thinking Fast and Slow by Book Summary
Anchoring bias is a cognitive bias that influences decision making by relying too heavily on the first piece of information encountered when making decisions. This initial piece of information, the "anchor," can greatly impact subsequent decisions and judgments. Anchoring bias can lead individuals to make decisions based on this initial anchor, even if it is irrelevant or misleading. Anchoring bias can be seen in various decision-making scenarios, such as negotiations, pricing, and problem-solving. In negotiations, the initial offer or proposal can serve as an anchor, shaping the course of the negotiation and the final outcome. Similarly, in pricing, consumers may be influenced by the initial price they see, anchoring their perception of the product's value. In problem-solving, individuals may be anchored to a particular solution, even if it is not the most effective or logical choice. Anchoring bia...
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