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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