starting-point bias

Starting-point bias is a type of cognitive bias that occurs when a person's judgment is influenced by the initial numbers or range of numbers presented to them during a survey or decision-making process. This bias can affect how individuals perceive value, leading them to anchor their opinions on the first piece of information they receive, rather than objectively evaluating all available data.12

Cognitive biases, in general, are systematic errors in reasoning that arise from the way our brains process information. They often stem from mental shortcuts, or heuristics, that help us make quick decisions, but can lead to subjective interpretations of reality. Prospect theory, developed by Daniel Kahneman and Amos Tversky, describes how people make decisions under risk, highlighting that framing effects and the value function (how people respond to gains and losses) play significant roles. While these biases can lead to irrational choices, understanding them is crucial for scientists and decision-makers to ensure objective interpretations of facts.23