What is an example of anchoring bias? | Rafi Chowdhury
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What is an example of anchoring bias? | Rafi Chowdhury
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The anchoring bias is a cognitive bias that causes us to rely heavily on the first piece of information we are given about a topic. Anchoring contributes to how customers perceive the value of an item and how they compare a product to the alternatives. Applied to pricing, we can use the example of offering discounts and sales. If a customer first sees a product at its original, non-discounted price, this number will become an anchor. If they subsequently see a discount offer, they will evaluate
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