Final answer:
The anchoring trap is a cognitive bias that occurs when an individual relies too heavily on an initial piece of information when making decisions. This initial information influences subsequent judgments and estimates, often leading to irrational or skewed decisions.
Step-by-step explanation:
The anchoring trap refers to a cognitive bias where an individual relies too heavily on the first piece of information encountered when making decisions, known as 'anchors'. These anchors can lead to poor judgment as they may cause people to give disproportionate weight to initial values, even if irrelevant, when estimating unknown quantities, values, or outcomes. For example, if a realtor shows you substandard houses at a particular price point before showing a much nicer, but more expensive, house, the initial prices can become a reference point that influences your willingness to pay more for the better house, illustrating the anchoring effect.
One classic study by Tversky and Kahneman highlighted how people's estimates of the number of African nations in the United Nations were influenced by a random number generated by a wheel of fortune. Regardless of the relevance of this initial number, subjects' subsequent estimates were 'anchored' by it. This illustrates how the anchoring bias can interfere with rational judgment and objective assessment.