What category does Anchoring Bias belong to?

Anchoring Bias belongs to the "Cognitive Biases" category in personal knowledge management and productivity.

What are the key topics related to Anchoring Bias?

Key topics related to Anchoring Bias include: cognitive-biases, cognition, decision-making, psychology.

What are alternative names for Anchoring Bias?

Anchoring Bias is also known as: Anchoring effect, Focalism.

Anchoring Bias

Over-relying on the first piece of information encountered.

Also known as: Anchoring effect, Focalism

Category: Cognitive Biases

Tags: cognitive-biases, cognition, decision-making, psychology

Explanation

Anchoring Bias is the tendency to rely too heavily on the first piece of information encountered (the 'anchor') when making decisions. Subsequent judgments are made by adjusting from the anchor, but adjustments are typically insufficient. Initial prices, first impressions, and early information disproportionately influence final conclusions. Awareness of anchoring helps in negotiations, research, and decision-making by prompting consideration of whether initial information is unduly influencing conclusions.

Related Concepts

Confirmation Bias
Critical Thinking

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