The discussion covers three paper where anchoring effect is examined, a cognitive bias in which people over-rely on the first piece of information they receive, even when that information is irrelevant. The first source, a paper by Liu, Zhang, Qi, Guo, and Qi, examines the anchoring effect in online product pricing and develops a mathematical model to predict optimal pricing strategies based on consumer sensitivity to price anchoring. The second source, by Teovanovic, explores the anchoring effect within the context of personality and individual differences, highlighting how it can affect judgement and behaviour across various fields. Finally, the third source, by Simmons, LeBoeuf, and Nelson, investigates the anchoring effect in the context of numerical estimation and challenges the traditional understanding of the anchoring and adjustment heuristic. They argue that people do adjust their estimates, but the direction of adjustment can be affected by uncertainty, which can explain why motivation may not always lead to greater adjustment.The Entire Behavioural Science Reading List on Amazon

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