0 saved
11.3K views
Let's say I told you that joining ModelThinkers costs US$200. It doesn't — it actually costs US$60.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed ego in hoc resisto; Quid ergo attinet dicere: Nihil haberem, quod reprehenderem, si finitas cupiditates haberent? Quamquam te quidem video minime esse deterritum. Duo Reges: constructio interrete. Quae cum essent dicta, finem fecimus et ambulandi et disputandi. Qua igitur re ab deo vincitur, si aeternitate non vincitur? Beatus sibi videtur esse moriens. Quid de Platone aut de Democrito loquar?
Cur deinde Metrodori liberos commendas? Consequentia exquirere, quoad sit id, quod volumus, effectum. Expectoque quid ad id, quod quaerebam, respondeas. Potius ergo illa dicantur: turpe esse, viri non esse debilitari dolore, frangi, succumbere. Sic enim maiores nostri labores non fugiendos tristissimo tamen verbo aerumnas etiam in deo nominaverunt. His singulis copiose responderi solet, sed quae perspicua sunt longa esse non debent. Sed eum qui audiebant, quoad poterant, defendebant sententiam suam. Hanc ergo intuens debet institutum illud quasi signum absolvere.
Sin laboramus, quis est, qui alienae modum statuat industriae? Quod totum contra est. Hos contra singulos dici est melius. Ne amores quidem sanctos a sapiente alienos esse arbitrantur. Hoc est non modo cor non habere, sed ne palatum quidem. Tollenda est atque extrahenda radicitus. Callipho ad virtutem nihil adiunxit nisi voluptatem, Diodorus vacuitatem doloris. Nec enim, omnes avaritias si aeque avaritias esse dixerimus, sequetur ut etiam aequas esse dicamus. Sic enim censent, oportunitatis esse beate vivere. An, partus ancillae sitne in fructu habendus, disseretur inter principes civitatis, P.
- Delay and set your own anchor to interrupt anchoring bias.
Anchoring can function as a cognitive b ...
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed ad bona praeterita redeamus. Bestiarum vero nullum iudicium puto. Stuprata per vim Lucretia a regis filio testata civis se ipsa interemit. Ait enim se, si uratur, Quam hoc suave! dicturum. Duo Reges: constructio interrete. Haec dicuntur fortasse ieiunius; Quod autem satis est, eo quicquid accessit, nimium est; Omnia peccata paria dicitis.
Quae duo sunt, unum facit. Ait enim se, si uratur, Quam hoc suave! dicturum. Quia, si mala sunt, is, qui erit in iis, beatus non erit. Quod autem ratione actum est, id officium appellamus. Profectus in exilium Tubulus statim nec respondere ausus; Intrandum est igitur in rerum naturam et penitus quid ea postulet pervidendum;
Quod autem in homine praestantissimum atque optimum est, id deseruit. Quod si ita se habeat, non possit beatam praestare vitam sapientia. Vitae autem degendae ratio maxime quidem illis placuit quieta. Apparet statim, quae sint officia, quae actiones. Dulce amarum, leve asperum, prope longe, stare movere, quadratum rotundum. Idcirco enim non desideraret, quia, quod dolore caret, id in voluptate est.
The Anchoring Effect has been consistently replicated in a number of experiments and studies, with some variations. For example, there remains debate on the impacts of experience in a domain, and in the cognitive ability of participants — with studies in these areas returning mixed results.
That said, it is a largely accepted phenomenon.
Guess Gandhi's age.
In a 1997 experiment by Strack and Mussweiler, the two groups of participants to guess the age of Mahatma Gandhi when he died. Before the groups answered, they were anchored by preceding questions. The questions and results were as follows:
- Did Mahatma Gandhi die before or after the age of 9 years old? How old was he when he died? Average answer = 50 years.
- Did Mahatma Gandhi die before or after the age of 140 years old? How old was he when he died? Average answer = 67 years.
Anchoring in negotiations.
This excellent description by Harvard Law Professor Guhan Subramanian outlines his recommendations and experience in using and countering anchoring in negotiations. From defusing anchoring to justifying an offer that you want to become an anchor.
Anchoring and the law.
In one study, a prosecutor's extreme sentencing demand resulted in 27 to 60% longer prison sentences. Similarly, a journalist's question about sentencing resulted in 32% longer prison sentence. See this article for more examples in the legal context.
Anchoring and the breadmaker.
A company called Williams-Sonoma famously was struggling to sell there new bread maker which was priced at $279. Rather than change the product, or even lower the price, they did something surprising. They started selling a second breadmaker for $429. The result? Few people bought the expensive bread maker but the sales of the (now) cheaper one doubled. While it's hard to know the exact motivation here, it isn't a stretch to posit that the anchoring heuristic was at play — and the 'cheaper' bread maker suddenly seemed like a bargain.
The anchoring heuristic is a cognitive bias that has a range of implications.
Use the following examples of connected and complementary models to weave the anchoring heuristic into your broader latticework of mental models. Alternatively, discover your own connections by exploring the category list above.
Connected models:
- Fast and slow thinking: to understand broader cognitive biases.
- Availability heuristic: initial information tends to be part of the ‘most available’ information, though availability is broader.
Complementary models:
- EAST framework: incorporate anchoring in nudging strategies.
- BATNA & ZOPA: incorporating anchoring into negotiations.
- RICE score: consider the impact of anchoring in estimates.
- 4Ps of marketing: using anchoring in pricing strategy.
The anchoring heuristic is also known as anchoring bias, the anchoring effect and the anchoring and adjustment heuristic.
The anchoring and adjustment heuristic was first identified by Daniel Kahneman and Amos Tversky in 1974. The ‘adjustment’ refers to the tendency for subsequent judgements to change based on the initial anchor. We have shortened this heuristics name to the more familiar ‘anchoring heuristic’. See their book Thinking, Fast and Slow for more.
My Notes
Oops, That’s Members’ Only!
Fortunately, it only costs US$5/month to Join ModelThinkers and access everything so that you can rapidly discover, learn, and apply the world’s most powerful ideas.
ModelThinkers membership at a glance:
“Yeah, we hate pop ups too. But we wanted to let you know that, with ModelThinkers, we’re making it easier for you to adapt, innovate and create value. We hope you’ll join us and the growing community of ModelThinkers today.”
You Might Also Like:
- Actionable summaries of the world's most powerful ideas.
Subscribe now and download this practical guide to transform your thinking, plus recieve one short, powerful and actionable idea in your inbox each month.