Anchoring Bias Analysis

I often encounter anchoring bias during decision making. I often make an assumption based off a piece of information, rather than taking all facts into consideration. For instance, when shopping I quite often fall for marketing and sales tactics to get me to pay more for an item, when I may think I am getting the best deal. For instance, before I go shopping I like to budget myself telling myself I can only spend so much. Anything below my budget is the best deal and most likely what I will buy. This is anchoring bias at its best. I enjoy finding the best deal on clothing items as it has given me a since of accomplishment. When I go shopping I immediately hit the sales racks because in my mind why not save a few extra dollars on a shirt on sale than by paying full price. Although, that sale item that may make me feel like I just won the lottery, I am actually still paying the full price. A business will always sell something to make a profit no matter how low they price their items, its important to remember they bought it even cheaper. The pair of Nike tennis shoes I want cost $100 in store, but the Nike store was having an online sale where I could get the shoes for $80 dollars. Although I think I may be getting a great deal on these tennis shoes because they are on sale for $80 I still must consider the price of shipping and sales tax. Although I thought I was really saving the 20 dollars I am still spending the same exact amount when it is over. …show more content…
I never really thought about how often we make a decision based primarily on the outcome, good or bad, not taking into account the quality of the decision. For instance, if one decided not to study for a test, but ends up making an A on the test they may draw the conclusion that they do not have to study again. However, this is not the case this was most likely a chance of probability and not every test will a person be able to make an A without