Final answer:
Anchoring bias is the example of a cognitive bias among the given options, representing the tendency to rely heavily on the first piece of information when making decisions.
Step-by-step explanation:
Cognitive Biases and Decision Making
Among the options given, anchoring bias is an example of a cognitive bias. Anchoring bias is a cognitive shortcut characterized by the human tendency to rely heavily on the first piece of information offered (the 'anchor') when making decisions. Once the anchor is set, other judgments are made by adjusting around the initial anchor point, often with insufficient adjustment, leading to biases in the final outcome. This can greatly influence the final decision or estimate, as individuals tend to give disproportionate weight to the initial information they receive.
Cognitive biases like anchoring bias can interfere with rational decision-making by distorting our perception and judgment. These biases operate subtly and often subconsciously, highlighting the importance of awareness and critical thinking to counteract their effects. Other related biases include the confirmation bias, which leads us to favor information that confirms our existing beliefs, and the availability heuristic, which causes us to overestimate the importance of information that comes to mind easily.