What occurs during the 'anchoring bias' in decision making?

In the context of decision making, anchoring bias refers to the cognitive phenomenon where an individual relies too heavily on the first piece of information they encounter when making decisions. This initial information serves as an "anchor," which then influences how subsequent information is processed and evaluated.

For example, if a person is presented with a high initial price for an item, they might perceive subsequent lower prices as bargains, even if those prices are still higher than the item's actual value. This bias can skew judgments and lead to less rational decisions, as the anchor can create a distorted view of the situation by overshadowing later information.

The other options present alternative scenarios. The second choice reflects a decision-making process that disregards prior information entirely, while the third suggests that information is viewed in isolation, both of which do not align with the anchoring bias, where the initial anchor continues to exert influence. The final option implies a methodical consideration of various viewpoints before arriving at a conclusion, contrasting the biased approach of anchoring, where the first piece of information dominates the decision-making process.