I haven't read it, but the anchor effect seems a more specific instance of anchoring bias. Essentially when forming a an opinion/solving a problem, we do it by

I haven't read it, but the anchor effect seems a more specific instance of anchoring bias. Essentially when forming a an opinion/solving a problem, we do it by taking an initial value and then modifying it up or down as we see fit. This initial value is whatever we happen to notice first. So unless we get things exactly right in that first estimation, we get things wrong because we fail to revise our beliefs properly. The best example of this bias is when people are asked to estimate the value of 1 x 2 x 3 x 4 x 5 x 6 x 7 x 8 x 9, the number they come up with is around ten times lower than when asked to estimate 9 x 8 x 7 x 6 x 5 x 4 x 3 x 2 x 1