Anchoring bias happens when individuals become too focused on the first piece of information that they receive (the “anchor”) when making decisions, even if the information is irrelevant or outdated.

Have you ever made a purchase based on the "average price" of an item, thought you got a great deal and realized you could have bought it for even less somewhere else? Have you ever negotiated your ...

Anchoring is a way to set expectations right at the start of a negotiation in ways that make your actual offer more attractive to the other party. Let’s say I’m trying to sell a car, and I’d love to ...

Even with an MBA from the top business school, the top leader of a company can still make poor decisions. It does not matter how much information he has at his disposal. If he relies on the wrong ...