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Anchoring

A common bias that affects people's estimation of value based on examples that may be loosely related or not related at all to the situation at hand. 

 

Just because some plaintiff received a high award, another plaintiff with a different case might expect the same amount. 

Just because a seller offers a higher price, the buyer might assume that the product is of very high quality.

The reason for each situation is that before making their decisions, the parties became anchored on reference points that were not necessarily good predictors for their situations.