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11.Anchoring Effect - Coggle Diagram
11.Anchoring Effect
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Key Takeaways 📚
- Anchors heavily influence judgments, even when unrelated.
- System 1 primes the process, while System 2 refines but may fail under stress.
- Awareness and deliberate engagement of System 2 are crucial to mitigating the bias.
Definition 🧠
- A cognitive bias where an initial number (anchor) influences subsequent estimates.
- Even unrelated numbers can serve as anchors.
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Examples 🌍
Real-World Scenario:
- Real estate agents influenced by a house's listed price when estimating its value.
Unrelated Anchors:
- A random number can bias estimates, regardless of relevance.
Implications ⚠️
- Even professionals (e.g., real estate agents) are affected, despite assuming otherwise.
- Anchoring can lead to skewed judgments and over-reliance on initial values.