Learn Before
Anchoring Bias
Anchoring bias is a cognitive error that occurs when an individual relies too heavily on a single piece of initial information when making a decision or attempting to solve a problem. This singular focus can prevent a person from accurately assessing other available options or information.
0
1
Tags
Psychology
Social Science
Empirical Science
Science
Ch.1 Introduction to Psychology - Psychology @ OpenStax
OpenStax
Psychology @ OpenStax
Ch.2 Psychological Research - Psychology @ OpenStax
Ch.7 Thinking and Intelligence - Psychology @ OpenStax
Introduction to Psychology @ OpenStax Course
OpenStax Psychology (2nd ed.) Textbook
Learn After
Realtor Scenario as an Example of Anchoring Bias
A manager is preparing for a salary negotiation with a new hire. The manager's budget allows for a maximum salary of $75,000, and they plan to start negotiations at $65,000. However, the candidate, when asked about their expectations, states they were making $95,000 in their previous role. Although this is well outside the manager's budget, the manager finds themselves starting their offer at $72,000 instead of their planned $65,000. Which statement best analyzes the cognitive process demonstrated by the manager?