It is a cognitive bias where an individual depends too heavily on an initial piece of information offered when making decisions.
Anchoring occurs when, during decision making, an individual depends on an initial piece of information to make subsequent judgments (Source: Wikipedia)
Confirmation bias is the tendency to search for, interpret, favor, and recall information in a way that affirms one’s prior beliefs or hypotheses.
Loss aversion refers to people’s tendency to prefer avoiding losses to acquiring equivalent gains: it is better to not lose $5 than to find $5.
An emotional bias that causes individuals to value an owned object higher, often irrationally, than its market value.
