Anchoring Effect: The Characteristics Of This Cognitive Bias
To what extent are we completely free, impartial and safe from all influence when making a decision? Although we may not be aware of it, there are countless factors that exert a great influence on us in the decision-making process.
An example of this is the anchoring effect according to which, something as simple as the way or order in which certain information is presented to us can determine the way in which we will interpret the rest and, consequently, our subsequent decisions.
The anchoring effect, also known as the “focalism effect,” is a psychological phenomenon. categorized within the group of cognitive biases. This effect describes the tendency of people to stay more with the first information they are offered, which influences subsequent decision making.
That is, when a person is faced with a source of information, whatever its nature, the data that is presented at the beginning becomes “anchored” in the person’s memory much more strongly than the later ones.
Therefore, during a decision-making process, the anchoring effect occurs whenever people they unconsciously use the information perceived at the beginning when forming an opinion, issuing a judgment or making a decision. At the moment the anchor is formed, the rest of the opinions are formed around this information, hence it is considered a cognitive bias.
This tendency to determine information as a starting point, based on which we will develop our opinions and decisions, is observed in practically all areas of our life, so just as it can work against us, we can use it for our benefit.
We find an example when discussing or haggling over the price of a home, a car or any object for which we must pay or receive a value. The amount that is established initially will be our reference point when comparing or make proposals. Knowing this, if the initial price is very high, it is very likely that, even if we lower the price, the final established cost will continue to be higher than what we were probably willing to pay, but lower compared to the previous one.
What is the explanation for this effect?
Although there are many theories that attempt to explain this phenomenon, there is no consensus about which of them offers the most precise clarification. Most researchers and theorists say that the anchoring effect is a phenomenon that is easy to demonstrate, but difficult to describe. However, there are three different explanations that can give us a clue about the causes of this effect.
1. Anchoring and adjustment
According to this explanation, once anchoring is given, people tend to move away from it to make their final decision. Despite this, they do it in an ineffective way, so your final decision is closer to the pinned information than it would be if they had not resisted.
This hypothesis has been widely criticized since for this, the anchoring effect would have to occur consciously; when In reality the person is not aware of it.
An alternative explanation is one that derives from what is known as “confirmatory hypothesis testing.” According to the theory of selective accessibility, when information is presented with which to anchor, the person makes an evaluation in which he thinks if it is an appropriate response, and if it is not, he will make a whole series of subsequent judgments, but all of them They will always be in relation to the information used as “anchor”.
3. Change of attitude
The last of the explanations that have been provided by cognitive science is the one that explains anchoring with respect to attitude change. According to this theory, when “anchor” information is given, a change or alteration of the person’s attitude is carried out with the aim of making it more favorable to the specific characteristics of this information, which predisposes future responses to be similar to the anchor.
What factors influence?
There are a series of factors or conditions that can modulate, in a certain way, the form and intensity with which the anchoring process occurs. These include mood, experience, personality, and cognitive abilities.
1. Mood
Some research has revealed that our mood influences the possibility of getting carried away or not by the anchoring effect. Specifically, people with sad or depressed mood tend to carry out more exhaustive evaluations and precise information, so an anchoring effect is less likely to occur.
However, other studies reveal very different dynamics according to which depressed people tend to be more passive in their decision-making, so they can be influenced more easily.
Other studies point to the idea that people with high knowledge and experience in the specific field to which the “anchor” information refers are much less susceptible to the effects of this phenomenon. However, the theorists themselves say that Not even experts are completely free from suffering from this effect.
3. Personality
According to some research in which the degree of susceptibility to the anchoring effect was correlated with some of the Big Five traits, people with a high degree of agreeableness and conscientiousness are more likely to be affected by anchoring, while subjects with high extroversion are much less likely.
4. Cognitive skills
Although the impact of cognitive ability on the anchoring effect is controversial, recent studies revealed that this phenomenon decreases with people who have more cognitive skills ; but in any case not even these were free from him.
