Do cognitive biases influence our decision?

Recent week, I read an article about cognitive biases. If you want to know more, try this link:   http://io9.com/5974468/the-most-common-cognitive-biases-that-prevent-you-from-being-rational

I concentrate on last three biases: Projection Bias, The Current Moment Bias and Anchoring Effect. I found Anchoring Effect is more interesting than those two. I’d like to clarify about Anchoring Effect because it impacts our decision in everyday life but we don’t often notice it.

The author describes that Anchoring Effect appear when we fixate on a value or number than in turn gets compare to everything else.  The author points out the classic example that when we go to a restaurant we tend to see the difference in price before choose the middle option – Not too expensive, Not too cheap. It’s because our mind has create our own standard from the first information and anchored it. So every time that we’re making our decision, this bias will appear and tend to control our decision.

From my personal experience, I notice when my friend went to a sport store to buy a new football boots. It was 700,000 kip and he could negotiate for 600,000 kip. He was happy with that deal, His anchoring effect worked! For me, I think that Anchoring Effect influences almost my decisions and I can’t avoid it.

In conclusion, Cognitive biases influence our everyday decision. It’s good to understand how cognitive biases affect our thinking. I’ve never known we all have those biases in our attitude until I read this article. Now I know all of cognitive biases, maybe I might find a way to avoid from some terrible biases.