Category: Anchoring

• 12th Sep 2022

  Heuristics: Anchoring Pt.3

  

  This is the final segment on the anchoring heuristics – today, we will move on to look at how companies like Starbucks can detach themselves from anchors and how the minimum wage could act as a potential anchor Companies can also use this theory and practice to break free of specific anchors. One such case…
• 10th Sep 2022

  Heuristics: Anchoring Pt.2

  

  In the previous article, we covered the basics of the anchoring heuristic, as well as an experiment I carried out to try and prove its existence. Now, we will look at corporate uses of anchoring – how companies can use this heuristic to increase profits and sales. Although we have only explored the use of…
• 8th Sep 2022

  Heuristics: Anchoring Pt.1

  

  In this article, we will look at one of the main heuristics explored in behavioural economics – anchoring. We will see how it occurs, its implications and its uses over the coming articles on this topic. Anchoring when guessing involves using another concept, statistic or idea as a base reference when deciding an estimate for…