Revisiting the Anchoring Effect: Summary and Outlook

Abstract

The practical application of anchoring effect has been paid much attention in the commercial field. Research in recent decades has shown that the effects of anchoring are very powerful. In different contexts, it can be manifested through a wide range of decision-making tasks in different groups. There are many forms of "anchoring" that influence people's thinking and judgment, such as casual comments from friends, numbers on TV, and fixed opinions about people's skin color, appearance, and clothing may affect your thinking and judgment on a certain issue before you realize it. One of the most common types of "anchoring" in business decisions is based on past events and trends that lead to poor decisions. This paper discusses the anchoring effect in many different fields and tasks under the influence of anchoring, and how the anchoring effect is related, developed, and further influenced. This paper also focuses on the judicial decision and consumer price negotiation to explore the influence of anchoring effect. Finally, we look at the effects of anchoring from these two perspectives.