Economics A-Level
Anchoring
What Anchoring means in Economics A-Level, as defined for AQA.
Definitions of Anchoring
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Reference: AQA
Occurs when individuals rely too heavily on the first piece of information offered, like a high initial price making a discounted price seem like a bargain.
Relying too heavily on an initial piece of information when making subsequent economic choices.
Topics that use Anchoring
- Aspects of behavioural economic theory (AQA A-Level)
Related terms
- Availability bias
- Behavioural economics
- Bounded rationality
- Bounded self-control
- Consumer behaviour
- Equity and fairness
- Satisficing behaviour
- Utility maximisation
Using Anchoring in the exam
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