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Realtor Scenario as an Example of Anchoring Bias
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.
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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?