Anchors Aweigh! How Early Perceptual Information Biases Subsequent Judgments

Individuals need to make various judgments in their daily lives. A lot of these judgments are quantitative estimates of entities, for instance ‘how much money to save for the post-graduation road trip’. Often, when individuals make these estimates, they are biased towards the first piece of information that comes to their mind. For instance, if I ask individuals to think of the last two digits of their phone number and then ask them to estimate the number of pages in a book, their responses will be heavily biased to the last two digits of their phone number. ….[READ]