Anchoring

Anchoring is the tendency for the first number we see to pull our later estimates towards it, even when the number is irrelevant. In a famous 1974 experiment, Amos Tversky and Daniel Kahneman spun a rigged wheel before asking people to estimate the share of African countries in the United Nations; those who saw a higher number gave higher estimates. Anchors shape prices, salary talks, negotiations and what a discount feels like. This page collects our articles, quizzes and videos on anchoring, including how it works, how strong it really is, and simple ways to reduce its pull when it matters.