Anchoring bias influences judgments from "summary" of Thinking, Fast and Slow... in 30 Minutes by 30 Minute Expert Summary Staff
Anchoring bias is a cognitive bias that influences how we make judgments and decisions. This bias occurs when we rely too heavily on the first piece of information we receive when making decisions. Once we have that initial piece of information, we tend to anchor our judgments around it, even if it is completely irrelevant to the decision at hand. For example, if someone tells us that a certain item is on sale for $100 off its original price of $300, we may anchor our judgment around the $300 price point. This could lead us to believe that the item is a good deal, even if it may not actually be worth $300 in the first place. Our judgment becomes skewed because we are anchored to that initial piece of informati...
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