There are numerous examples of anchoring in everyday life: Availability may also play a role in anchoring. We selectively access hypothesis-consistent information without realizing it. The power of anchoring can be explained by the confirmation heuristic and by the limitations of our own mind. Other studies have reproduced similar results. They used the number in their question as their anchor. Participants in the first group gave much lower estimates. Another group was asked if it were greater or lower than 65%. In one experiment, they asked participants to estimate the percentage of African nations which are members of the United Nations (UN.) One group was asked if the figure were greater or lower than 35%. Psychologists Amos Tversky and Daniel Kahneman first identified the concept of anchoring.
This can even affect those whose jobs are based on computing numerical figures, such as accountants. It can occur any time you need to give a numerical estimate. Experts and non-experts in a given area are affected by it alike. Sellers tend to use the price they paid for the house as their starting point.Īnchoring is a fascinating psychological phenomenon. For example, when people buy houses, they tend to negotiate with the listed price as their starting point. Once we establish an anchor, we tend to focus on information which is consistent with it, ignoring information which is not. One way this can play out is in the form of ‘anchoring.’ When we make an estimate, we can end up using irrelevant information as our ‘anchor.’ We then adjust from there, often failing to make sufficient updates. We often pay attention to irrelevant information when making decisions.
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