A powerful psychological bias called anchoring influences our decisions. It means the first number we see often becomes a ...

Imagine making a crucial decision only to realize later that your choice was heavily influenced by the first piece of information you encountered. This cognitive bias, known as the anchoring effect, ...

Citations: Ku, Gillian, Adam Galinsky, J. Keith Murnighan. 2006. Starting Low but Ending High: A Reversal of the Anchoring Effect in Auctions. Journal of Personality and Social Psychology. (6)975-986.

The function of the anchor on a ship is to keep the vessel from sailing away. But in the case of the ‘anchoring effect’, it keeps the mind from sailing towards different starting points for the ...

Most of those who work in civil litigation are now familiar with the “anchoring effect,” and know that suggesting a number has an influence when it comes to damages. But attorneys may not know just ...