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Anchoring (Behavioural Economics)

A Level
AQA, Edexcel, OCR, Eduqas

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.

Behavioural Economics - Anchoring

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