What is the concept of "anchoring" in decision-making?

Anchoring in decision-making refers to the cognitive bias that occurs when individuals rely heavily on the first piece of information they encounter when making judgments or decisions. This initial information serves as a reference point or 'anchor,' which affects how they interpret subsequent information and can skew their decision-making process.

For example, if someone is presented with an initial price for a product, that price can anchor their expectations and influence how they evaluate the value of the product as compared to alternative options. Even when further information becomes available, individuals may find it challenging to adjust their perceptions away from this original anchor, leading to potentially biased or less rational decisions.

This concept illustrates how the order and context in which information is received can significantly impact decisions, making it important to be aware of these biases in various contexts such as negotiations, purchasing, and even in everyday choices. Other options presented in the question focus on different cognitive phenomena or strategies but do not accurately capture the essence of anchoring as a reliance on initial information.