Category Cognitive Biases
Impact 3 / 5
Also known as: Anchoring Effect, Focalism
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.
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