What are examples of anchoring bias?

Examples of the anchoring bias can be seen in a wide variety of everyday experiences, including medical diagnoses, relationships, and monetary decisions. The anchoring bias can be influenced by a variety of factors, including mood, personality, and experience.

What is anchoring bias heuristic?

Anchoring bias heuristic is a cognitive bias that involves relying heavily on the first piece of information (the “anchor”) encountered when making decisions or estimates, often leading to insufficient adjustments from this initial value.

How do you reduce Anchor bias?

One way to reduce anchor bias is to collect more information. Gathering knowledge can help you make informed decisions based on reality rather than an unsubstantial anchoring fact. For example, if you're browsing a furniture store's website, you might notice a couch for sale that originally cost $3,000.

How do personality traits affect anchoring bias?

Similarly, personality traits such as openness to experience tend to mitigate the effects of anchoring bias. Individuals high in openness tend to be more receptive to new information and less likely to rely solely on the initial anchor (Caputo, 2014). Experience can also play a role in anchoring bias.