Anchoring Bias
Anchoring bias is a psychological phenomenon where people rely heavily on the first piece of information they encounter (the "anchor") when making decisions or judgments. For example, if you're shopping for a car and the first one you see costs $30,000, that number may influence your perception of what a reasonable price is, even if other options are cheaper. This bias can skew our understanding and lead to poor decision-making, as we often give too much weight to initial figures or facts, ignoring subsequent information that may be more relevant.
Additional Insights
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Anchoring bias is a cognitive shortcut where people rely too heavily on the first piece of information they encounter when making decisions. For example, if someone learns that a common car costs $30,000, they might perceive a $25,000 price as a bargain, even if it's not the best deal available. This initial number "anchors" their judgment, influencing how they evaluate subsequent information. In general knowledge, this bias can affect how we interpret facts or statistics, leading us to skewed conclusions based on initial impressions rather than objective analysis.