Anchoring (Behavioural Economics)
- A Level
- AQA, Edexcel, OCR, Eduqas
Last updated 21 Mar 2021
Anchoring is the use of (usually) irrelevant information as a reference point for helping to make an estimate of an unknown piece of information. In other words, people use an “anchor point” of an event or a value that they know in order to make a decision or estimate. Behavioural scientists describe this as a cognitive bias.