Anchoring Bias
The tendency to rely too heavily on the first piece of information encountered (the "anchor") when making decisions, even if it is irrelevant or arbitrary.
Think of anchoring bias like a ship's anchor. Once it's dropped, it limits how far the ship can move. Similarly, the initial piece of information limits how far our judgments can stray.
Tversky & Kahneman (1974)
Aim: To investigate how anchoring bias affects numerical estimates.
Method:
Findings: Participants who saw the number 10 estimated an average of 25%, whereas those who saw 65 estimated an average of 45%. The arbitrary number significantly influenced their estimates.
Conclusion: Anchoring bias occurs even when the anchor is irrelevant to the task.
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