The anchoring bias is the tendency to be overly influenced by the first piece of information that we hear.
Examples
- The first number voiced during a price negotiation typically becomes the anchoring point from which all further negotiations are based.
- Hearing a random number can influence estimates on completely unrelated topics.
- Doctors can become susceptible to the anchoring bias when diagnosing patients. The physician’s first impressions of the patient often create an anchoring point that can sometimes incorrectly influence all subsequent diagnostic assessments.