Anchoring bias is a cognitive bias that causes us to rely too heavily on the first piece of information we are given about a topic (the "anchor") when making decisions.
Imagine you're buying a car and the salesman tells you the price is $20,000. Even if you negotiate lower, that initial price will be your anchor and will influence how much you're willing to pay.
Confirmation Bias: The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.
Framing Effect: This refers to how presenting the same option in different formats can alter people's decisions. Like choosing between "75% lean" and "25% fat" ground beef - both descriptions refer to the same product but may lead to different choices.
Availability Heuristic: This is relying on immediate examples that come to mind when evaluating a specific topic, concept, method or decision. Like judging whether planes or cars are more dangerous based on recent news reports rather than statistical data.
How might anchoring bias pose potential ethical issues in psychological research?
What does the anchoring bias refer to in psychology?
How does the anchoring bias interact with marketing strategies to influence consumers' purchasing decisions?
How could you innovatively investigate the anchoring bias effect on decision making?
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