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The Daily Decision-13-Anchoring bias

The Daily Decision-13-Anchoring bias

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

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DD-13 Daily Decision by Dr. Z Podcasts
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https://dr-z.net/category/dr-z-podcasts/daily-decision/

 

Today is the THIRTEENTH episode of The Daily Decision

Think of a boat and an anchor. A boat docks close the shore and drops its anchor so it cannot be blown away by the wind.

A psychological anchor is similar. When we believe a piece of information, it is hard to have winds blow us away from that position.

An anchoring bias occurs when we rely too much on one piece of information, usually the first piece of information presented.

In one famous study by Amos Tversky and Daniel Kahneman in 1974, people were asked to estimate how many African countries were part of the United Nations.

There are currently 193.

  • When presented with the number 10, the guesses were lower. Participants estimated that African countries represented 25% of all UN countries.
  • When presented with the number 65, the guesses were higher. Participants estimated that African countries represented 45% of all UN countries.

Think about your own anchors while making a big purchase, say a car or home.

Be aware of how the first number you hear can anchor your decisions, but not always in your favor.

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 As always, Happy Deciding.

 

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