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Anchoring

Description

A cognitive bias whereby an individual's decisions are influenced by a particular reference point or 'anchor'.

Anchoring in business decision

The first salary figure mentioned in a job negotiation often sets the range for the rest of the discussion, heavily influencing the final agreed-upon salary.

Anchoring in personal life decision

When bargaining at a market, the initial price offered by the seller influences how much you're willing to pay, even if it's arbitrary.