Anchoring bias
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Behavioural skills - cognitive bias.
The anchoring effect, or anchoring bias, is a tendency in decision-making to place excessive importance on the first piece of information accessed.
This initial piece of information is known as the anchor.
A common example is the first figure mentioned in a price negotiation.
The reasonableness, or acceptability, of subsequent figures tends - wrongly - to be evaluated by reference to the earlier figure, rather than by objective criteria.
See also
- Affinity bias
- Anchoring
- Bandwagon bias
- Behavioural economics
- Behavioural skills
- Choice supporting bias
- Cognitive bias
- Confirmation bias
- Default
- Default bias
- Diversity
- Dunning-Kruger effect
- Emotional intelligence
- Executive coaching
- Hindsight bias
- Impostor syndrome
- Maslow's hammer
- Objectivity
- Optimism bias
- Reactance bias
- Self-investment bias
- Self-serving bias
- Social bias
- Source bias
- Status quo bias
- Working effectively with others
