Psychology

Have you ever encountered a price tag and instantly formed an opinion on the product’s value, even without much information? Or perhaps, when estimating the distance to a friend’s house, you silently referenced a familiar landmark? If so, you’ve unknowingly encountered the anchoring and adjustment heuristic, a fascinating mental shortcut employed by our brains for […]

Imagine you’re interviewing a candidate for a crucial role. They aced all their technical assessments, but their recent project presentation had minor hiccups. Are you more likely to focus on their recent stumble or their consistent past successes? This, my friends, is the insidious influence of recency bias at play. Defined as the tendency to

Have you ever witnessed a long streak of red on the roulette wheel and felt compelled to bet on black, convinced it was “due”? Or doubled down on a losing hand in poker, sure the tides were about to turn? If so, you’ve likely encountered the Gambler’s Fallacy, a cognitive bias that can lead to

Imagine sifting through a box of apples, meticulously picking only the reddest, ripest ones. You proudly present your bounty, declaring, “See? All apples are perfect!” But hold on, friend. You’ve fallen victim to a mischievous trickster in the world of data and research: selection bias. Selection bias, in simple terms, is when the way we

Introduction to Anchoring Bias Anchoring bias is a cognitive bias that profoundly impacts decision-making processes. It involves individuals relying heavily on initial information known as anchors, when making subsequent judgments or decisions. This article delves into the concept of anchoring bias, exploring its underlying mechanisms, real-world implications, and strategies for mitigation. Origins and Experiments The