anchoring bias
ANG-ker-ing BY-us
ˈæŋkərɪŋ ˈbaɪəsListen
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Dictionary meaning
the tendency to rely too heavily on the first piece of information encountered when making decisions, allowing this initial value or reference point to anchor subsequent judgments even when it is arbitrary or irrelevant; anchoring was identified by Amos Tversky and Daniel Kahneman and has been demonstrated in negotiations, salary discussions, legal sentencing, medical diagnosis, and consumer pricing; even experts are susceptible to anchoring effects, and the bias operates largely unconsciously, making it particularly difficult to counteract through deliberate reasoning
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