Forbes contributors publish independent expert analyses and insights. Bryce Hoffman writes about leadership, strategy, and decision making. This article is more than 2 years old. The anchoring effect ...

The psychological anchoring effect occurs when people rely too heavily on the first piece of information they receive when making decisions or estimates. That early piece of information becomes a ...

Imagine making a crucial decision only to realize later that your choice was heavily influenced by the first piece of information you encountered. This cognitive bias, known as the anchoring effect, ...

Ever notice how the first number you hear can sneak into every decision you make? From grocery shopping to cooking to negotiating a raise, that first piece of information often sets the stage.