Anchoring Bias

Examples

• A store marks a sweater as "Originally $100, Now $60!" Even if $60 is the regular price, customers feel they're getting a deal because they're anchored to the $100 figure. Research shows items with higher "original" prices sell better, even when the final price is identical.
• Professional appraisers shown different suggested values for the same property tend to make final appraisals that correlate with those initial suggestions, despite their expertise and intention to be objective.
• Charity forms that list suggested donation amounts of $100, $50, and $25 typically receive higher average donations than forms suggesting $50, $25, and $10, as the higher initial number anchors donors to a higher amount.

All cognitive biases

• Confirmation Bias
• Availability Heuristic
• Dunning-Kruger Effect
• Anchoring Bias
• Fundamental Attribution Error
• Negativity Bias
• Hindsight Bias
• Sunk Cost Fallacy
• In-Group Bias
• Optimism Bias
• Framing Effect
• Self-Serving Bias
• Halo Effect
• Recency Bias
• Survivorship Bias
• Implicit Bias