Anchoring Bias

A bias in risk assessment in which a patient will estimate the risk of an adverse outcome based on the risk of another related event or procedure already familiar to the patient
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6) These include anchoring bias, in which one is locked into an aspect of the case; framing bias, in which there is misdirection because of the way the problem was posed; availability bias, in which things are judged by what comes readily to mind, such as a recent experience; and confirmation bias, in which one looks for confirmatory evidence of one's preferred diagnosis while ignoring evidence to the contrary.
People suffer from an anchoring bias in which the financial crisis serves as a negative event," he said.
49) Anchoring bias leads people to over-weigh one of many relevant factors simply because it is prominent in their minds.
In the AHRQ project, we found that fast thinking errors were associated with specific biases, which included anchoring bias (paying attention to only certain criteria and ignoring others), overconfidence bias, and do no harm bias.
When bargaining between buyer and seller begins with an initial reference point such as the listing price, the process is said to have an anchoring bias as the anchor tends to provide an arbitrary basis for all subsequent negotiation.
Finally, anchoring bias plays out in everyday life in the tendency of some people to let a single, terrible event dominate their psyche and decision making, such as when an individual avoids investing in the stock market because of a bad prior investment.
Anchoring bias -- overly relying on selective past events when building future forecasts or using some past events as an anchor to evaluate new information even when there is no correlation.
Some studies have shown that experts, too, can suffer from anchoring bias (Northcraft and Neale, 1987; Englich, Mussweiler, and Strack, 2006).
In a real estate example, Northcraft and Neale (40) found that anchoring bias influences amateur and expert valuations of real estate.
89) The anchoring bias bolsters the normality bias in that people often anchor on reference points, and the current, typically normal, state is the most common reference point.