Anchoring Bias
In decision-making, this is the tendency to stick too close to the first number or fact you hear, causing your final estimate to be unfairly pulled toward that initial anchor.
Anchoring bias is a cognitive tendency where people rely too heavily on the first piece of information offered (the 'anchor') when making decisions, often leading to skewed estimates even when that initial data is irrelevant. It originates from research in behavioral psychology showing how initial values unconsciously sway subsequent judgments across various domains.
What this means in real life
A car salesman quotes $25,000 for a used sedan; even after you research and find similar cars for $18,000, that first number lingers in your mind and you end up negotiating closer to $22,000 than you otherwise would have.
What it isn’t
It is not simply being influenced by recent information or by what others say. Anchoring specifically refers to the disproportionate weight given to an initial reference point, even when you consciously know it may be misleading or irrelevant.
Commonly misused online
People often use 'anchoring' to mean any starting point or baseline, when the bias specifically requires that the anchor distorts judgment beyond its rational merit—a subtle but important distinction.