The application and influence of anchoring effect

Abstract

Anchoring effect is a judgment bias phenomenon. When people need to make a quantitative estimate of an event, they will take some specific values as the starting value, which restricts the estimated value like an anchor. When making a decision, you unconsciously give too much weight to the initial information. In different fields, there will be uncertain negative effects on the trigger of anchoring effect, such as the effect of consumers and judges, and then the consequences are completely different. From this, we can understand the types of various anchoring and more detailed differences. The relevant research provides some inspiration for people to avoid or minimize the anchoring bias in decision making.