What is psychological anchoring?

Psychological anchoring influences the way we assess likelihood and probability. The anchor point is the place and information where we begin. When making decisions, people then make adjustments relative to their original anchor. Anchoring in psychology was first explored by Amos Tversky and Daniel Kahneman.

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.

What is the anchoring effect?

The anchoring effect is a cognitive bias whereby an individual's decisions are influenced by a particular reference point or "anchor". Both numeric and non-numeric anchoring have been reported in research.

How does psychological anchoring affect decision making?

When this happens, any decisions are made with reference to the anchor. Psychological anchoring influences the way we assess likelihood and probability. The anchor point is the place and information where we begin. When making decisions, people then make adjustments relative to their original anchor.