Peter and Mirta start a new series on cognitive biases!
There are a few different cognitive biases that have a powerful influence on how you think, how you feel, and how you behave. Each episode will touch on a different bias. So make sure you tune in to them all!
This week Peter and Mirta talk about the Anchoring Bias, which is the tendency to over-rely on existing information or the first available information we get.
For example, if we walk into a store and the first TV we see is $4999, our brains have a tendency to use this first piece of information as an anchor to other prices. As we walk through the store, TVs that we see over that price will all of a sudden seem too expensive, and TVs under that price will seem like a bargain (given similar specs). As such we are vulnerable to being taken advantage of by marketers and salespeople who use this bias to their advantage.
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