Lecture Notes in Education Psychology and Public Media

- The Open Access Proceedings Series for Conferences


Lecture Notes in Education Psychology and Public Media

Vol. 19, 26 October 2023


Open Access | Article

Three Applications of the Anchoring Effect

Jielin Dong * 1
1 Shenzhen College of International Education

* Author to whom correspondence should be addressed.

Lecture Notes in Education Psychology and Public Media, Vol. 19, 1-6
Published 26 October 2023. © 26 October 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Jielin Dong. Three Applications of the Anchoring Effect. LNEP (2023) Vol. 19: 1-6. DOI: 10.54254/2753-7048/19/20231349.

Abstract

Many heuristics in behavioural economics play important roles in decision-making. The anchoring effect is one of these heuristics which influence people’s decisions in different fields. Through qualitative analysis and case analysis, this paper aims to introduce the applications of the anchoring effect in various situations. And according to the influence of anchoring effect on decision making in online auctions, court, and Marketing, it analyses how the anchoring effect affects people’s decisions and also how to avoid the deviation caused by anchoring effect. The analysis proves that anchoring affects people’s decision-making in different situations to a certain extent, and makes biased decisions without people realizing it. he analysis also shows that biased decisions can be avoided in different ways. There are different ways in which people can gain more perspectives and information in their lives, while thinking about how to create excellent self-generated anchors to help escape the effects of anchoring.

Keywords

decision-making, anchoring effect, heuristics

References

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Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Volume Title
Proceedings of the 4th International Conference on Educational Innovation and Philosophical Inquiries
ISBN (Print)
978-1-83558-063-9
ISBN (Online)
978-1-83558-064-6
Published Date
26 October 2023
Series
Lecture Notes in Education Psychology and Public Media
ISSN (Print)
2753-7048
ISSN (Online)
2753-7056
DOI
10.54254/2753-7048/19/20231349
Copyright
26 October 2023
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated