Anchor bias is a cognitive bias that causes us to rely too heavily on the first piece of information we are given about a topic. This makes us interpret newer information from the reference point of our anchor (the first one), instead of seeing it objectively.
For example, you first see a $500 shoe and then another one that costs $100. This makes you judge the second as being cheap. However, if you had only seen the second shirt—which costs $100—you probably would not have thought it was a bargain. Your viewpoint was severely impacted by the anchor, which was the first price you noticed.
