Anchoring effect
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The anchoring effect is a psychological phenomenon in which an individual's judgments or decisions are influenced by a reference point or "anchor" which can be completely irrelevant.
Daniel Kahneman, one of the first researchers to study anchoring
Bandwagon effect
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The bandwagon effect is a psychological phenomenon where people adopt certain behaviors, styles, or attitudes simply because others are doing so. More specifically, it is a cognitive bias by which pub
Anchoring effect
…as an anchor which increases consumers' willingness to pay. This effect has been widely used in areas such as auctions, online vendors and retailers. Bandwagon effect Confirmation bias…
A literal "bandwagon", from which the metaphor is derived