anchoring-d [Biases & Fallacies]

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======  Anchoring Bias ======

By [[daniel-chen| Daniel Chen]]

Anchoring Bias is when the first information you get affects how you see similar information later. The reason people are easily affected by anchoring bias is our brains are lazy so we make shortcuts for every similar information. One example is when I saw the price of some Lego it is about 1200, I will decide whether other Lego products are expensive or not base on the first one that I saw, I well think it's expensive if it's above 1200. Anchoring bias is often used in selling things. The first price I saw was from the competitor, and it was quite high. The second price I saw was for the seller's item, and it was significantly lower. This made me feel like I was getting a great deal. So, I decided to purchase the seller's item. Anchoring bias can be used to influence decisions by setting the first piece of information you receive.