Which bias is exemplified by moving from the initial anchor to subsequent data?

• A. Confirmation bias
• B. Anchoring bias
• C. Selection bias
• D. Cultural bias

Answer: (B)

Anchoring bias occurs when the first number or piece of information you encounter becomes a reference point for all later judgments. Once that anchor is set, you tend to adjust only modestly as new data comes in, so your final estimate still leans toward the initial figure rather than fully reflecting the latest information. In valuation contexts, an appraiser might start with an initial price or value and interpret subsequent comparables in a way that drags the final estimate back toward that starting point. This focus on the initial anchor as the anchor for later decisions is what makes anchoring bias the best description. The other biases don’t capture this pattern of relying on a starting point to shape later judgments.