The "anchoring" phenomenon observed by behavioral economists refers to the fact that people's estimates of the value of things are affected by

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Anchoring refers to the cognitive bias where an individual's decisions or estimates are influenced by a particular reference point or initial piece of information (the "anchor"), which may not necessarily be relevant or recent. This means that people's judgments can be swayed by an initial piece of information they are given, even if it's not directly related to the decision at hand.

The "Anchoring" Phenomenon Observed by Behavioral Economists Refers to the Fact