Which of the following accurately describes the outcome of the anchoring effect?

The anchoring effect refers to the cognitive bias where individuals rely heavily on the first piece of information they encounter (the "anchor") when making decisions. This initial information sets a reference point that influences how subsequent information is interpreted and how decisions are made. As a result, even if the subsequent details are irrelevant or less significant, the anchor can unduly impact the final judgment.

In practical scenarios, if someone is presented with a high initial price for an item, their perception of what constitutes a reasonable price for that item will be anchored around that higher price, even if they later see lower prices. This tendency illustrates how initial presentations shape and influence our judgments, demonstrating the lasting impact that the first impressions or pieces of information can have on our decision-making processes.