Anchoring Bias
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Anchoring Bias |
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Description of Anchoring Bias. Explanation. |
Definition Anchoring Bias. Description.
Anchoring Bias is the tendency to rely too heavily, or "anchor", on one trait or piece of information when making decisions. It is also called Focalism.
During decision making individuals anchor and overly rely on specific information or a specific value and then adjust to that value to account for other elements of the circumstance. Usually once the anchor is set, there is a bias toward that value.
This form of Cognitive Bias is particularly relevant for strategists, management consultants and decision makers in general. |
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End of description Anchoring Bias. An explanation. |
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