ANCHORING In decision making, people rely very heavily on the first piece of information received. DANIEL KAHNEMAN (b. 1934) Psychologist AMOS TVERSKY (b. 1937-1996) Psychologist 1974 (Kahneman and Tversky): In fast decision making 8x7x6x5x4x3x2x1 elicited four times higher estimates than 1x2x3x4x5x6x7x8 showing participants’ heavy reliance on anchoring to the first few digits in the calculation. 2006 (Ariely et al.): People placed 60–120% higher bids in auctions when anchored to the last two digits of their social security number if those numbers were high compared to low.