Which of the following refers to the tendency to give excessive weight to the first piece of information received during decision-making?

The correct answer refers to the cognitive bias known as "anchoring." This phenomenon occurs when individuals rely too heavily on the initial piece of information they receive (the anchor) when making decisions. For example, if you are negotiating a price and the first figure mentioned is high, it can skew your perception of what a reasonable price is, even if subsequent information suggests a lower figure. This initial information serves as a reference point, influencing how later data is interpreted and evaluated.

Understanding anchoring is crucial because it highlights how our decision-making processes can be unintentionally biased by early information. This can lead to skewed judgments and poor decision outcomes if one does not recognize the influence of this bias.