anchoring Definition
the cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the 'anchor') when making decisions.
Using anchoring: Examples
Take a moment to familiarize yourself with how "anchoring" can be used in various situations through the following examples!
Example
The salesperson used anchoring to influence the customer's perception of the product's value.
Example
The negotiator set a high anchor price to start the bargaining process.
Example
Anchoring can lead to inaccurate judgments and decisions.
Summary: anchoring in Brief
'Anchoring' [ˈæŋkərɪŋ] is a cognitive bias where people rely too heavily on the first piece of information offered when making decisions. This can lead to inaccurate judgments and decisions. Examples of anchoring include a salesperson using a high initial price to influence a customer's perception of a product's value, or a negotiator setting a high anchor price to start the bargaining process.
