Cognitive Biases — The Anchoring Effect

How often are we hooked on that first bit of information we get? Do you fall for it too?

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Claudio Schwarz — Unsplash

Kahneman and Tversky experiments

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In many situations, people make estimates by starting from an initial value that is adjusted to yield the final answer. The initial value, or starting point, may be suggested by the formulation of the problem, or it may be the result of partial computation. In either case, adjustments are typically insufficient…that is, different starting points yield different estimates, which are biased toward the initial values.

– “Judgment Under Uncertainty” by Kahneman, Slovic and Tversky

Further Examples

Anchoring Bias and Product Pricing

Does anything perform better than the number 9?

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Further Reading

Written by

Senior Interaction Designer at Companies House, Government. Living in Cardiff, South Wales, interested in human psychology and behaviours.

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