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All 10 Flashcards — Anchoring bias
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Question
What is anchoring bias?
Answer
Relying too heavily on the first piece of information (the anchor) when making a judgement.
Question
What is an 'anchor'?
Answer
The first value or piece of information that becomes a reference point for a judgement.
Question
Why does the anchor still influence the answer?
Answer
We adjust from it but not far enough, so the answer stays pulled towards it.
Question
Give an example of anchoring bias.
Answer
A high 'original' price makes a sale price feel like a bargain.
Question
Do random anchors affect judgement?
Answer
Yes — even numbers known to be random still shift people's estimates.
Question
How is anchoring used in negotiation?
Answer
A high opening offer anchors the final price higher (and vice versa).
Question
One strength of the concept?
Answer
Replicated in many experiments, even with random anchors.
Question
One limitation of the concept?
Answer
Effect size varies and it describes the pattern more than the exact mechanism.
Question
Best defence against anchoring?
Answer
Form your own estimate before seeing anyone else's number.
Question
Which concept is this?
Answer
Bias — an irrelevant first value distorts judgement.
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Full study notes for Anchoring bias
Topic 2.2 hub
Cognitive approach
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Psychology exam skills
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