Browse Teach Curate

Anchoring Bias

The learner will be able to recognize how an initial number, even an arbitrary one, pulls subsequent numerical judgments toward it. Covers why the first offer in a negotiation disproportionately shapes the final outcome.

Questions this Concept answers

Why did Professor Morris's MBA students who were anchored to $90,000 still believe their price estimate came from independent reasoning?

Chief Galen Tyrol Video

Anchoring Bias: Why The First Number Pulls Every Judgment After It

Explains the anchoring effect using the classic random-number/estimation studies and shows why the first offer in a negotiation disproportionately shapes the final settlement.