anchoring
Say it: ANG-kuh-ring /ˈaŋk(ə)rɪŋ/ · noun
What “anchoring” means
Letting the first information you hear overly influence your judgement.
More precisely: Relying too heavily on the first number or piece of information you hear.
Example: “Because of anchoring, the first price named in a negotiation sets the range for everything after.”
When to use it
When explaining judgements or negotiations that stay too close to an initial price, estimate or suggestion.
Similar words
anchoring bias, first-impression bias
Quick check
An absurdly high opening price makes the later offer seem cheap, although it still exceeds normal prices. That's…
anchoring or framing?
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anchoring
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