When does anchoring bias occur?
Anchoring bias can occur, for example, in salary negotiations or bargaining for goods such as a used car. Seeing vehicles that are out of our price range might provide a high anchor point that makes cheaper cars seem like good value, even if they are overpriced.
Anchoring bias is seen in marketing all the time with products stated as being “worth hundreds of dollars” but being offered for “only” a much cheaper price. The initial anchor of “hundreds of dollars” makes $39.99 seem like good value.