What are examples of anchoring bias?

By looking at examples of anchoring bias that you may come across in everyday life, you can notice a fundamental aspect of humans’ thought processes. Sometimes, we think in such basic terms that we don’t even analyze our decisions after coming to a conclusion. This tendency to use initial reference points to make decisions can lead us astray.

What is a prominent bias?

A prominent bias is the anchoring bias, which can affect decision making. If you're working in a psychologist role or a related career, learning more about this type of bias can help you identify its influence in the decision-making process.

How do personality traits affect anchoring bias?

Similarly, personality traits such as openness to experience tend to mitigate the effects of anchoring bias. Individuals high in openness tend to be more receptive to new information and less likely to rely solely on the initial anchor (Caputo, 2014). Experience can also play a role in anchoring bias.

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.