Anchoring or the Anchoring Bias is the human tendency to evaluate or “anchor” numbers based on their presentation. Observers and participants are usually swayed by the availability or recency of a number. The human tendency towards anchoring bias is often exploited to make subsequent facts or numbers appear in a certain light. Beware the Anchoring […]
Close your eyes or do whatever it is you do when you meditate… ponder the following question, “At what salary would you be content?” Okay, end the meditation. Were you thinking $75,000 annually? That’s the number that an analysis of 2008-2009 Gallup poll data by the economists Angus Deaton and Daniel Kahneman came up with. So, what does that mean?