Anchoring effect: the characteristics of this cognitive bias

To what extent are we fully free, impartial and safe from all influence when making a decision? Although we are not aware, there are countless factors that exert a great influence on us in the decision-making process.

An example of this is the anchor effect, according to which, something as simple as the way or the order in which certain information is presented to us can determine how we will interpret the rest and, consequently, our decisions later.

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What is the anchor effect?

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 longer with the first information that is offered to them, which influences later decision-making.

That is, when a person is in front of a source of information, whatever its nature, the data that are presented at the beginning remain “anchored” in the memory of the person with much more force than the later.

Therefore, during a decision-making process, the anchoring effect occurs whenever people unconsciously use the information perceived at the beginning when forming an opinion, passing judgment or making a decision. At the moment in which the anchor is formed, the rest of opinions are formed around this information, hence it is considered a cognitive bias.

This tendency to determine information as a starting point, as a result of which we will develop our opinions and decisions, is observed in practically all areas of our life, so just as it can play against us we can use it to our benefit.

An example is found when discussing or haggling the price of a home, a car or any object for which we must pay or receive a value. The amount that is initially established will be our point of reference 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 cost established is still higher than we were probably willing to pay, but lower compared to the previous.

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What is the explanation for this effect?

Although there are many theories that try to explain this phenomenon, there is no consensus about which of them offers a more precise clarification. Most researchers and theorists refer 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 the anchor is given, people tend to walk away from it to make their final decision. Despite this, they do it ineffectively, so your final decision is closer to the anchored information than it would be if they hadn't resisted.

This hypothesis has been widely criticized since for this, the anchoring effect should be consciously; when in reality the person is not aware of it.

2. Selective accessibility

An alternative explanation is one that derives from what is known as the “confirmatory hypothesis test”. According to the theory of selective accessibility, when information is presented with which to anchor, the person makes an evaluation in which they think if it is an adequate response, and if he is not, he will carry out a series of subsequent judgments, but all of them will always be in relation to the information used as "anchor".

3. Change of actitud

The last of the explanations that have been provided by cognitive science, is the one that explains the anchoring with respect to the change in attitude. According to this theory, when an "anchor" information is given, a change or alteration of the attitude of the person in order to make it more favorable to the specific characteristics of this information, which predisposes future responses to be anchor-like.

What factors influence?

There are a series of factors or conditioning factors 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 being carried away or not by the anchoring effect. Specifically, people in a sad or depressed mood tend to undergo more thorough evaluations and accurate information, so it is less likely that there will be an anchoring effect.

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 more influenced easily.

2. Experience

Other studies point to the idea that people with high knowledge and experience in the field concrete referred to in the “anchor” information are much less susceptible to the effects of this phenomenon. However, theorists themselves say that not even experts are completely free from this effect.

3. Personality

According to some investigations in which the degree of susceptibility to the effect of anchoring was correlated with some of the traits of the Big Five, people with a high degree of kindness and conscientiousness are more likely to be affected by anchoring, while those with a high extroversion are much less likely.

4. Cognitive habilyties

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 abilities; but that in any case not even these were free of him.