Which type of bias involves becoming fixated on a single trait of a problem?

- anchoring bias
- confirmation bias
- representative bias
- availability bias

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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.

Anchoring Bias

Spielman, R. M., Jenkins, W. J., & Lovett, M. D. (2020, April 22). Psychology (2nd ed.). OpenStax. https://openstax.org/books/psychology-2e/pages/1-introduction

OpenStax Psychology (2nd ed.) Textbook

An example of anchoring bias occurs when a group of friends focuses strictly on their initial target budget of \$1,600 for renting a house, preventing them from recognizing the actual quality of homes available at that price point. A realtor may challenge this cognitive bias by first showing them run-down houses that fit their \$1,600 budget, followed by a much nicer house for \$2,000, in order to demonstrate that their anchored budget is unrealistic and to encourage them to spend more.

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?

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