The Application of Anchoring Effect in Marketing Strategies and Judicial Decisions

Abstract

The anchoring effect, a pervasive cognitive heuristic in decision science, manifests when agents disproportionately rely on initial informational anchors while exhibiting systematically insufficient subsequent adjustments. This essay aims to discuss the role played by the anchoring effect in the blind boxes economy and judicial decision-making through analysis of the case and data from a previous essay: (1) strategic exploitation of anchoring mechanisms in the blind boxes economy and how to optimize blind box sales strategy to the greatest extent possible; (2) institutional countermeasures against its biasing influence in judicial decision-making. The research found that (1) in the blind boxes economy, firms would use price anchors and scarcity anchors to encourage consumers to purchase blind boxes. The firms could reduce the initial price to attract consumers, and the consumers should be aware of the invisible cost brought by repetitive purchases. (2) In judicial decision-making, 63.6% of judgments were influenced by anchoring. Anchoring was more prevalent in guilty verdicts (87.4%) and in cases without mitigating circumstances. Equity in the legal system could be improved by mandatory mixed judicial panels, expert testimony and transparency mandates, and standardized decision-making frameworks.