Ever heard the expression, first impressions are lasting ones? There's a good reason for this. It is based on our tendency to make judgements or decisions based on the first bit of information we receive, no matter how reliable it is. This is known as anchoringbias because the first bit of information about a topic is the anchor that informs all subsequent decisions. Give it a try.
In this scenario, your cell phone company informs you that streaming one movie on Netflix consumes approximately 5 GB of data. You're in the market for a cost effective cell phone plan that covers your typical data usage of about 4GB/month. You primarily use your phone for communication, social media, and web browsing, and you have access to Wi-Fi at home, school, and other locations you frequent.
Anchoring bias is one of many cognitive biases, but it is the mostrecognizable. Advertising companies use anchoring very effectively to get us to choose their products or to buy discounted merchandise we may not actually need. Watch his short video to learn more about the power of anchoring.