What is anchoring bias in psychology?
An example of an AI chatbot conversation about anchoring bias in decision-making.
What is anchoring bias in psychology?
Anchoring bias is a cognitive bias where individuals rely too heavily on the first piece of information they encounter when making decisions.
Can you give me an example of anchoring bias in real life?
Sure! If a car is initially priced at $30,000 and then marked down to $25,000, buyers may perceive it as a better deal due to the initial anchor.
How does anchoring bias affect negotiations?
In negotiations, the first offer often serves as an anchor, influencing the final agreement. If the initial offer is high, subsequent offers may also be higher.
What are some ways to overcome anchoring bias?
To overcome anchoring bias, consider multiple perspectives, seek additional information, and consciously adjust your initial reference point.
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