Behavioural Economics Primer: Anchoring
Behavioural economics
This article is part of Warc's Behavioural Economics Primer.
Anchoring is our tendency to rely too heavily, or "anchor," on one trait or piece of information, often in the immediate context, when making decisions.
Anchoring is thought to be generated via two different effects:
- The first is through deliberate, reasoned adjustment using our rational, conscious, logical 'System 2'. E.g. When choosing wine in a restaurant we might look at the most expensive wine on the list and the cheapest and make our choice by adjusting from...