In this video we are going to explore one of the most common systematic errors that we are all victims of – the anchoring bias. The anchoring effect happens when we use an initial piece of information to make subsequent judgments and if you look closely enough you will see that it’s all around us.
In our new series “ Cognitive biases in a nutshell ” we are going to explore different systematic errors ( cognitive biases ) that we all make in our everyday life without realizing it. If you want to be aware of your own biases and improve your judgments and decisions, stay tuned.
If you haven’t watched our introductory video on Cognitive biases, check it here:
https://www.youtube.com/watch?v=uvDtyJ5sg7U
And if you have missed 60 SecondSuccess’s amazing video covering the Placebo effect, click on the following link:
https://www.youtube.com/watch?v=gVZqTS3EvUU
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In this video:
1. How old was Gandhi when he died? 0:27
2. Brief explanation of the anchoring bias 0:52
3. The anchoring bias in legal decisions 1:26
4. The anchoring bias and decisions about money – BBC experiment 2:10
5. The anchoring bias in marketing and during negotiations 3:06
6. The anchoring bias and System 1/ System 2 thinking – anchoring as priming and anchoring as adjustment 3:40
7. Psychological tricks that might help you minimize its effect 5:50
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TWITTER: https://twitter.com/LuscidChannel
Research and script: Irina Georgieva
Art, editing and narration: Daniel Stamenov
Music:
Acoustic Breeze by Bensound.com
Further reading:
[1] Thinking: Fast and Slow by Daniel Kahneman
https://www.ttu.ee/public/m/mart-murdvee/EconPsy/4/Kahneman_2011_Thinking_Fast_and_Slow.pdf
[2] A literature review of the anchoring effect
https://www.academia.edu/17840843/A_literature_review_of_the_anchoring_effect
[3] The anchoring and adjustment heuristic
https://pdfs.semanticscholar.org/5fa2/0677c4ab6c31c10715081943eff052d5fb85.pdf
[4] Cognitive Biases in Legal Decisions
http://socialpsychonline.com/2015/08/cognitive-biases-legal-decisions/
[5] The effects of the anchoring bias on human behavior
http://www.sagu.edu/thoughthub/the-affects-of-anchoring-bias-on-human-behavior
[6] Anchoring and Adjusting
http://www.dangreller.com/sticky-decisions-anchoring-and-adjusting/
LUSCID [your user-friendly guide to Science]
Source
We will be happy to read about your own experience with the anchoring bias! Can you remember the last
time an anchor has influenced your decisions?
If you are eager to learn more about the cognitive biases, check 60SecondSuccess’s video on the Placebo effect – we have put a link in the description!
Great Work!
Quick Note Though, It Would Be A Great Addition To The Description If Time-stamps Are Added To Each Section,
Other Than That, Keep It Up! <3
This was very well researched! I have always found the head nodding/shaking phenomenon to be fascinating. This was an interesting application of it.
This was my favorite video of yours so far! I loved how your examples really supported the main points you were trying to get across. Keep up the great work Luscid 🙂
I love the examples and the animations!
came from the 60 second success channel! awesome animations and very well put together video
Another great video! I'm fascinated by your drawings! Your animations are improving as well! You deserve tons of subscribers!
loved it
subscribed : )
Loving the cognitive bias series! I'm always amazed by how firmly we can stand behind our judgement and evaluations, yet how fragile and often irrational the "reasoning" behind it can be. Hyped to see where this series goes!
Great job, guys! I enjoyed this video a lot and it is really crazy how "doomed" we are if we are not aware of the two systems and the bias! I think you improved a lot, the info, construction, and editing are amazing and the accent is soooo much better! Great job!
my estimate was "less than 140 years"