Did you know that the anchoring effect is a cognitive bias that influences how people estimate the value of something based on a previous reference point? According to Bahník, Štěpán and Yoon, Sangsuk, this effect is very robust and occurs in various settings, such as market research, product valuation, and judgmental estimation. They also suggest that different mechanisms may underlie the anchoring effect, such as insufficient adjustment, conversational inferences, selective accessibility, or scale distortion. If you are interested in learning more about how the anchoring effect can affect your business decisions, you can check out their articles here .

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