What is anchoring bias?Group of answer choicesA psychological disorderA marketing strategyA type of sailing techniqueA bias where one relies too heavily on the first piece of information
Question
What is anchoring bias?Group of answer choicesA psychological disorderA marketing strategyA type of sailing techniqueA bias where one relies too heavily on the first piece of information
Solution
Anchoring bias is a bias where one relies too heavily on the first piece of information. This is a cognitive bias that describes the human tendency to rely too heavily on the first piece of information encountered (the "anchor") when making decisions. For example, during a negotiation, whoever makes the first offer establishes a range of reasonable possibilities in each person's mind. Any counteroffer will naturally be anchored by that opening offer.
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