Psychology / Unit 7 Psych 0781 short lesson, about 20 seconds
Anchoring Bias
Captions available
The idea
Anchoring bias is the tendency to rely too heavily on the first piece of information encountered when making an estimate.
In practice
A stated asking price shapes what buyers judge a used car to be worth, even when it is arbitrary.
Where people slip
Knowing about anchoring does not remove it. The effect appears in people warned about it in advance.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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