Cognitive biases: why a smart brain makes the same mistakes every time
Debiasing: why knowing your biases is not enough
You know anchoring, framing and five other biases by name, and you watch for every one. Does knowing them stop them? A simple test says no, and points to what does help.
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A year later, Miva is back on Rono's lot for her second car. Rono smiles: "This one is $15,000." Miva smiles back. "Anchoring! I know that trick." She is ready for him.
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Then her offer comes out: "$11,000." The same as last year. She saw the anchor, she named it, and it still pulled.
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