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Category

Cognitive Biases

Impact level

3 / 5

Category Cognitive Biases

Impact 3 / 5

COGNITIVE BIASES

Anchoring
Bias

The tendency to rely too heavily on the first piece of information encountered (the "anchor") when making decisions.

Also known as: Anchoring Effect, Focalism

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Cognitive processing

System 1 (fast, intuitive). Biases often lean on quick judgments (System 1) unless you slow down and analyze (System 2).

Evidence & time

Evidence strength: experimental. Typical read: about 4 min.

Catch it next time

Practical steps for Anchoring Bias

1
Delay initial judgments
medium effectivenesseasy difficulty
2
Consider multiple reference points
high effectivenessmoderate difficulty

Tape this to your desk.

02

Common triggers

→

Negotiations

→

Sales and pricing

03

Typical contexts

→

Salary negotiations

→

Real estate purchases

04

Mitigation strategies

Delay initial judgments

Effectiveness: medium

Difficulty: easy

Consider multiple reference points

Effectiveness: high

Difficulty: moderate

05

Potential decision harms

Overpaying for goods or services

moderate Severity

Underevaluating worth

moderate Severity