TOEFL Устная речь Task 3

The concept of 'anchoring' refers to the tendency of individuals to rely too heavily on the first piece of information offered (the 'anchor') when making decisions. Once an anchor is set, subsequent judgments are made by adjusting away from that anchor, and there is a bias toward interpreting other information around the anchor. This cognitive bias can significantly influence pricing, negotiations, and even everyday choices, as people fail to make sufficient adjustments from the initial value.

Professor: Let me give you an example from a study on real estate pricing. In the experiment, two groups of participants were shown the same house, but they were given different listing prices. Group A was told the asking price was $500,000, while Group B was told it was $350,000. Both groups were then asked to estimate the fair market value of the house. Even though they saw the same property with identical features, Group A estimated the value to be around $480,000, while Group B estimated only $320,000. The initial listing price acted as an anchor. Participants didn't adjust enough from that number, even though they had no other information about the market. This shows how anchoring can skew our judgments in real-world situations like buying a home.