Anchoring Bias

An Anchoring Bias is a heuristic bias that over-relies on initial information when making subsequent judgments and decisions.

• AKA: Anchoring Effect, Anchoring Heuristic Bias, Focalism Bias.
• Context:
  • It can typically affect numerical estimation through reference point fixation.
  • It can typically influence price negotiations via opening offers.
  • It can often interact with Availability Heuristic Bias in information processing.
  • It can often combine with Confirmation Bias to resist adjustment.
  • It can range from being a Weak Anchoring Bias to being a Strong Anchoring Bias, depending on its influence strength.
  • It can range from being a Numeric Anchoring Bias to being a Conceptual Anchoring Bias, depending on its anchor type.
  • It can range from being a Deliberate Anchoring Bias to being a Incidental Anchoring Bias, depending on its anchor relevance.
  • It can range from being a Persistent Anchoring Bias to being a Transient Anchoring Bias, depending on its duration effect.
  • ...
• Examples:
  • Commercial Anchoring Biases, such as:
    • Price Anchoring Bias from initial pricing.
    • Salary Anchoring Bias in wage negotiation.
  • Judgment Anchoring Biases, such as:
    • Legal Sentencing Bias from prosecutor recommendation.
    • Medical Diagnosis Bias from initial assessment.
  • Estimation Anchoring Biases, such as:
    • Project Timeline Bias from initial estimate.
    • Probability Anchoring Bias from suggested value.
  • ...
• Counter-Examples:
  • Zero-Based Thinking, which ignores prior reference points.
  • Multiple Perspective Method, which considers various anchors.
  • Blind Estimation Method, which prevents anchor exposure.
• See: Heuristic Bias, Availability Heuristic Bias, Confirmation Bias, Cognitive Bias, Adjustment Heuristic, Reference Point, Decision Making.

---