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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 anchoring as a cognitive bias.

A revision video on anchoring can be found here

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    Anchoring (Behavioural Economics)

    • SKU: 02-4128-10497-01
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    Play Nicely (Behavioural Economics & Govt Policy)

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    Supermarket Sweep (Behavioural Economics)

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