Hey! This question comes from our friends at TST Prep! If you are preparing for the test, I totally recommend their TOEFL Skill Builder Program. Try the code GOODINE10OFF for a 10% discount.
Reading:
Anchoring Effect
The anchoring effect is a psychological bias where people rely too heavily on the first piece of information they encounter—called the anchor—when making decisions. This can happen even if the anchor is unrelated or not entirely accurate. Once the anchor is introduced, it influences how people interpret and evaluate other information. For example, in conversations, the first suggestion or idea often frames the discussion and affects the final outcome. The anchoring effect can shape perceptions in areas like decision-making, problem-solving, and negotiations.
Listening:
Question:
Using the examples in the lecture, explain how the anchoring effect influences decision making.
Sample Answer:
The reading talks about the concept of the anchoring effect. This is the way people focus on the first piece of information that they hear about some topic even if it isn’t totally accurate. This can seriously influence their views on the topic. The professor gives a couple of examples of this. He says that if you’re in a farmer’s market and the first thing you hear is someone telling you that their apples are the best, then you might completely believe it. Therefore, all the other apples won’t seem as appetizing to you because you totally believe they are inferior to the first farmer’s apples. A second example offered by the professor has to do with a group working on a project. If the first idea suggested is a making poster, then it will always feel like the best idea, even when other ideas are suggested. It might not be the best option, but everyone will stick with it. This is how the professor illustrates the concept of the anchoring effect.