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decision making
Your first impression of a price anchors every later decision.
The anchoring effect is a cognitive bias where the first piece of information offered influences all subsequent judgments.
Even when the anchor is clearly irrelevant, such as a random number, it shifts the final estimation toward that value. Once a number is in your mind, your brain struggles to adjust far enough away from it.
You are never making a fresh choice.
Where this comes from
- Study
- Tversky and Kahneman (1974), Science
- What the check found
- The definition accurately reflects the classic Tversky and Kahneman (1974) conceptualization, which remains the standard for anchoring despite ongoing debate over the underlying psychological mechanism.
- Confidence
- Well replicated
Related
One of these every day, and every one names the study it came from. When a finding is contested, it says so.