[Podcast] Cognitive Bias – Ep 4 Anchoring Bias

May 11, 2022 | Peter Cronin

Available on: Apple | Spotify | Podbean

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.

If you’re enjoying the series and getting value out of the episodes please remember to share them around!

The hosts also love to hear any feedback or answer questions you may have, so feel free to send them a message at [email protected] or [email protected]