To Guard Against Manipulation, Beware Of “The Anchoring Effect”
Strategies to repel the shifty and unscrupulous.
My nine-year-old son exploited a cognitive bias to siphon extra allowance money from me. Should I commend his genius or admonish his guile?
He had no idea what he was doing, but skilled manipulators weaponize this bias to steal, cheat, and deceive.
It happens almost every day, and you never notice it. But once you’re aware of the bias and the four ways people abuse it, you’ll see it everywhere.
The Anchoring Effect
My wife and I decided to give our son an allowance — three dollars each week. We sat him down and explained the purpose of his weekly stipend. Before we got to his responsibilities, he interrupted us.
“How much? Ten dollars?”
“Ten,” I said. “That’s crazy. Five dollars”
It wasn’t until a few hours later that I realized what had happened. By introducing the $10 reference point, my son had unknowingly anchored our decision.
Even though we had $3 in mind, his mention of $10, prompted us to decide on $5. We adjusted our number to move it closer to his — The Anchoring Effect.
