Anchoring bias happens when individuals become too focused on the first piece of information that they receive (the “anchor”) when making decisions, even if the information is irrelevant or outdated.

Have you ever made a purchase based on the "average price" of an item, thought you got a great deal and realized you could have bought it for even less somewhere else? Have you ever negotiated your ...

We all know that marketing is about persuasion. And what better way to persuade someone to buy your products than by understanding their psychology? Savvy marketers use psychology to get ahead of ...

Even with an MBA from the top business school, the top leader of a company can still make poor decisions. It does not matter how much information he has at his disposal. If he relies on the wrong ...

Imagine making a crucial decision only to realize later that your choice was heavily influenced by the first piece of information you encountered. This cognitive bias, known as the anchoring effect, ...

An anchor is a trigger that creates a response in your subject. You can set anchors for yourself; for example, an alarm clock that prompts you to wake up and turn off the alarm. A good salesperson or ...

Question: How did the jury arrive at the decision to award the plaintiff $20 million in damages? Actual Juror #1: We came up with a percentage approach, and that’s what we all discussed. We started ...