2.2.1—Anchoring bias

Anchoring bias occurs when an initial number or reference point influences a later judgement, even when the anchor is not relevant to the answer.

The mechanism is selective adjustment: people start from the anchor and move away from it insufficiently. Expertise, time pressure, knowledge and the salience of the anchor can change the effect.

A suggested price of $900 can make a$700 product feel cheap, even if comparable products suggest $500. Asking for an independent estimate first can reduce the pull.

Anchoring is a systematic tendency, not proof that every estimate is wrong. Identify the starting value and compare with an unbiased reference.