ANCHORING Meaning and
Definition
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Anchoring refers to a cognitive bias or psychological phenomenon in which individuals rely heavily on the initial information they receive (referred to as the "anchor") when making judgments or decisions. The anchor serves as a reference point that influences subsequent judgments or evaluations, often leading to a biased outcome.
In various contexts, such as negotiation, decision-making, or pricing, anchoring occurs when a specific value or information is provided to individuals, which then influences their subsequent assessments and choices. This bias occurs even if the initial anchor is completely arbitrary or unrelated to the present situation. The presence of an anchor can significantly impact an individual's perception of value, pricing, or fairness.
For instance, in price negotiation, the seller may strategically start with an inflated price that becomes the anchor for the buyer. Consequently, the buyer's perception of what is a reasonable price for the product or service will be influenced by this initial anchor, potentially resulting in the buyer anchoring their offer around a higher value than they would have originally considered.
Anchoring can have a substantial impact on everyday decision-making and can lead to either overestimation or underestimation of value, depending on the context. Being aware of this cognitive bias can help individuals make more rational judgments and avoid being unduly influenced by initial information or anchors.
Top Common Misspellings for ANCHORING *
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Other Common Misspellings for ANCHORING
Etymology of ANCHORING
The word "anchoring" originates from the Old English word "ancor", which ultimately derives from the Latin word "ancora". This Latin term was borrowed from the Greek word "ankura", which means "anchor" or "hook". The concept of anchoring originally referred to the heavy object, usually made of metal or stone, that is dropped from a boat or ship to the bottom of a body of water to prevent it from drifting away. Over time, the term "anchor" came to represent something that provides stability and security. In the context of psychology and cognitive biases, "anchoring" refers to the tendency for individuals to rely too heavily on an initial piece of information (the anchor) when making decisions or judgments.
Conjugate verb Anchoring
CONDITIONAL
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FUTURE
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FUTURE PERFECT
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PAST
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PRESENT
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PRESENT PERFECT
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