Anchoring

Anchoring or focalism is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions. During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments. Once an anchor is set, other judgments are made by adjusting away from that anchor, and there is a bias toward interpreting other information around the anchor. For example, the initial price offered for a used car sets the standard for the rest of the negotiations, so that prices lower than the initial price seem more reasonable even if they are still higher than what the car is really worth.

Read more about AnchoringFocusing Effect, Anchoring and Adjustment Heuristic, Causes, Anchoring in Negotiations

Other articles related to "anchoring":

Molecular Scale Electronics - Techniques - Anchoring
... Though useful, the anchoring is non-specific and thus anchors the molecules randomly to all gold surfaces ... on the precise atomic geometry around the site of anchoring and thereby inherently compromises the reproducibility of the connection ...
Anchoring Fibrils
... Anchoring fibrils (composed largely of type VII collagen) extend from the basal lamina of epithelial cells and attach to the lamina reticularis (also known as the reticular lamina) by ... Anchoring fibrils are essential to the functional integrity of the dermoepidermal junction ...
Anchoring in Negotiations
... In negotiations, anchoring refers to the concept of setting a boundary that outlines the basic constraints for a negotiation subsequently, the anchoring effect is the phenomenon in which we set our estimation for ... research conducted by Tversky and Kahneman, multiple other studies have shown that anchoring can greatly influence the estimated value of an object ... An example of the power of anchoring has been conducted during the Strategic Negotiation Process Workshops ...
Anchoring Techniques
... The basic anchoring consists of determining the location, dropping the anchor, laying out the scope, setting the hook, and assessing where the vessel ends up ... There are techniques of anchoring to limit the swing of a vessel if the anchorage has limited room ...
Boating - Anchoring
... Anchoring a boat is essential to recreational boaters by giving them the ability to park their boat in the water ... Anchoring is helpful to boaters who fish or swim off of their boat and provides a stable and established site to achieve whatever activity is being done ... Anchoring a boat is also critical in emergency situations and is a good safety measure whenever a vessel becomes disabled ...