Which cognitive bias describes the tendency to rely too heavily on the first piece of information received?

The concept being described is anchoring, which refers to the cognitive bias where individuals give disproportionate weight to the initial piece of information encountered when making decisions or judgments. This initial information serves as a reference point, or "anchor," that influences subsequent evaluations and analyses. For instance, if someone is first presented with a high starting price for a product, they might perceive subsequent lower prices as more reasonable than if they had not seen the initial high price at all.

In decision-making scenarios, this bias can lead to skewed perceptions and misjudgments because individuals may overlook new information that contradicts the anchor or fail to adjust their estimates sufficiently based on new evidence. Recognizing the anchoring bias is crucial for personal financial counselors as it helps them guide clients toward more objective decision-making, especially in areas like investing or negotiating salaries.

The other cognitive biases mentioned—confirmation bias, framing effect, and availability heuristic—represent different phenomena and do not specifically pertain to the reliance on initial information in the way that anchoring does.