Ankereffect

Ankereffekt, also known as the anchoring bias, is a cognitive bias that describes the tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions. Once an anchor is set, subsequent judgments are often made by adjusting away from that anchor, and there is a bias toward interpreting other information around the anchor. This effect can occur even if the anchor is arbitrary or irrelevant.

In negotiations, the first offer made often serves as an anchor. For example, if a seller asks for a high price, that price becomes the anchor, and the subsequent negotiation will likely revolve around that initial figure. Similarly, in pricing strategies, retailers might display a product with a higher original price crossed out, showing a lower sale price. The original, higher price acts as an anchor, making the sale price appear more attractive.

The anchoring effect can influence a wide range of decisions, from financial assessments to everyday choices. Studies have shown that even when participants are aware of the anchoring bias, it can still affect their judgments. This bias highlights the importance of critical thinking and the potential influence of initial information on our decision-making processes. Understanding the anchoring effect can help individuals and organizations make more objective and informed decisions.