Anchoring Bias - The Decision Lab
Anchors can even influence how you think your life is going. In one experiment, college students were asked two questions: (a) How happy are you? (b) How often are you dating?
Richard H. Thaler • Nudge: The Final Edition
This finding—that anchoring has a weaker effect when we have some rough idea of value versus when we have no idea—is important to keep in mind. When we start with an established value and price range in our minds, it’s harder for outsiders to use anchors to influence our valuations.
Dan Ariely • Dollars and Sense
The phenomenon we were studying is so common and so important in the everyday world that you should know its name: it is an anchoring effect. It occurs when people consider a particular value for an unknown quantity before estimating that quantity. What happens is one of the most reliable and robust results of experimental psychology: the estimates
... See moreDaniel Kahneman • Thinking, Fast and Slow
a principle called anchoring, meaning that the first information we encounter has an unduly large influence on what follows.
Sam Gosling • Snoop: What Your Stuff Says About You
Anchoring effects have always been studied in tasks of judgment and choice that are ultimately completed by System 2. However, System 2 works on data that is retrieved from memory, in an automatic and involuntary operation of System 1. System 2 is therefore susceptible to the biasing influence of anchors that make some information easier to retriev
... See moreDaniel Kahneman • Thinking, Fast and Slow
Confirmation bias is also at work when we make new decisions in ways that confirm our previous decisions. When we’ve made a particular financial decision in the past, we tend to assume that we made the best decision possible. We look for data that supports our opinion, feeling even better about the quality of our decision.
Dan Ariely • Dollars and Sense
Recency bias, as the name suggests, is the cognitive tendency to most easily remember something that just happened and not quickly call to mind things that happened further in the past. We
Bob Gower • Radical Alignment: How to Have Game-Changing Conversations That Will Transform Your Business and Your Life
He categories different biases:
- Availability bias - the tendency to judge the likelihood of an event by the ease with which relevant examples come to mind
- Confirmation bias - confirming what you expect to find by selectively accepting or ignoring information
- Affective bias - the tendency to make decisions based on what we wish were true