Anchoring is when people rely on irrelevant but easily accessible facts to make judgments.
. This occurred even after controlling for factors like the number of stocks available and other issues of corporate governance.
There are ways out of anchoring. The first step is gaining clarity around the data. When we are clearer about the evidence, we are less likely to get hoodwinked. When it comes to a big decision, for instance, I often write down all the factors involved. Writing down the information helps me evaluate its reliability and eliminate anchors that aren’t relevant.
If you find yourself lacking good evidence, then it’s a sign that you might be engaging in anchoring. It’s also a sign that you need to do more research, which brings us to our next takeaway.I once consulted for Shark, a French company that creates high-end motorcycle helmets. The firm was considering whether or not to move its production line from Portugal to Thailand. At first glance, it seemed like the move would make good business sense.
Anchoring to the tune of what happened at Shark is always the result of lack of information or misinformation. Too often, the human brain gets fixed on outdated or irrelevant information and fails to see things clearly., which forces firms to evaluate costs with a fresh eye. As part of a zero-based budget process, the firm has to clear away from previous budgets and justify all recurring expenses anew.
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