During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments. Anchoring bias examples in real life: Anchoring heuristic examples occur daily around you and sometimes right under your nose. Anchoring Bias Anchoring bias is the tendency to rely heavily on one piece of information (often the first thing you hear) when making decisions. Shopping: In almost every store you visit, an anchor has been put in place to optimize sales. Converse For example, Bang & Olufsen allows users to manipulate the speakers onscreen by pinching and viewing them from all angles. A cognitive bias is defined as a pattern of thinking that deviates from norm or rationality in judgment. The anchoring effect is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the “anchor”) when making decisions. Setting a high price for one item makes all others seem cheaper, though only when the price shown is actually plausible (and not some silly amount!) So, we move, build, and manipulate the product to imagine how it would fit into our living spaces. 1. This automatically becomes an example of the Endowment Effect at work. They don’t make music like they used to.. like in those days” . 1. Bias at play: Anchoring bias — being over-reliant on the first piece of information available. You text a friend, who supports the politician, and she thinks the article completely vindicates the politician. Framing bias occurs when people make a decision based on the way the information is presented, as opposed to just on the facts themselves. 5 Examples of Hindsight Bias posted by John Spacey , February 10, 2016 updated on August 13, 2018 Hindsight bias is a common tendency to view the past as more predictable than it was at the time. Confirmation Bias Examples in Real Life Imagine that you read an article about a political scandal, confirming everything you thought about a politician you dislike. Final Thoughts on Anchoring Bias. Inferences about other people and situations are often woven in an illogical fashion, and individuals can create their own "subjective reality" from their respective perceptions. Using tools such as checklists can also help decrease anchoring bias. Anchoring Bias We tend to rely too heavily on the first piece of information seen. The same facts presented in two different ways can lead to different judgments or decisions from people. Sugden, R; Zheng, J & Zizzo, D (2013) Not all anchors are created equal. In psychology, this type of cognitive bias is known as the anchoring bias or anchoring effect. For example, if you are in the medical field, using a symptom checklist or assessment can help decrease cognitive bias. 6. 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