Anchoring in psychology is a phenomenon of relativity. It’s described as a cognitive bias in which people place (often undue) emphasis on the first piece of information they see. This is problematic when that first piece of information is incorrect, but it can also be advantageous if used strategically.

Anchoring is the most commonly used marketing tactic. Every sale or discount you see is an example of anchoring at a high price point to make a sales p...