Anchoring bias is the cognitive effect of the anchor heuristic. Once an anchor is set, our estimates and decisions are pulled toward it—even if we know the anchor is random or unhelpful.
For example, if someone asks whether Gandhi was older or younger than 120 when he died, people’s later guesses about his real age (he died at 78) are skewed upwards. The unrealistic number still anchors their thinking.
Anchoring bias illustrates how challenging it is for our brains to fully disengage from initial information. It affects not only shopping and negotiations but also judgments about risks, probabilities, and future events. Recognising this bias helps us make more deliberate and independent decisions.