What is anchoring bias in psychology?

Psychologists have found that people have a tendency to rely too heavily on the very first piece of information they learn, which can have a serious impact on the decision they end up making. In psychology, this type of cognitive bias is known as the anchoring bias or anchoring effect.

Who discovered anchoring bias?

Psychologists Amos Tversky and Daniel Kahneman first discovered the phenomenon in the 1970s. They proposed that anchoring bias occurs because the anchor serves as a reference point for subsequent judgments.

Why is information bias a problem?

That information is an anchor or reference point from which all other judgments or decisions are formed. This bias can lead to poor decisions and skewed judgments that are inaccurate or don’t fully account for subsequent information. This phenomenon was first described by the researchers Amos Tversky and Daniel Kahneman.

How do you avoid anchoring bias?

The anchoring bias can be influenced by a variety of factors, including mood, personality, and experience. One can avoid the anchoring bias by educating oneself about the bias, being in a positive mood, being agreeable and open to experience, and being experienced in the given task (Englich & Soder, 2009; Caputo, 2014; Welsh et al., 2014).