How Anchoring Bias Psychology Affects Decision Making - 0 views
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Psychologists have found that people have a tendency to rely too heavily on the very first piece of information they learn, which can have a serious impact on the decision they end up making.
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In one example, participants spun a wheel to select a number between 0 and 100. The volunteers were then asked to adjust that number up or down to indicate how many African countries were in the U.N. Those who spun a high number gave higher estimates while those who spun a low number gave lower estimates. In each case, the participants were using that initial number as their anchor point to base their decision.
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You read online that the average price of the vehicle you are interested in is $27,000 dollars. When you are shopping at the local car lot, the dealer offers you the same vehicle for $26,500, which you quickly accept—after all, it's $500 less than what you were expecting to pay. Except, the car dealer across town is offering the exact same vehicle for just $24,000, a full $2,500 less than what you paid and $3,000 less than the average price you found online.
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