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

The concept being described is known as anchoring, which is a cognitive bias in decision-making. When people are presented with an initial piece of information, they tend to rely heavily on that information—regardless of its relevance—when making subsequent judgments. This initial information serves as a reference point or "anchor," and it can significantly influence the decisions that follow.

For instance, if you're negotiating price and the first number mentioned is high, subsequent offers and counteroffers might revolve around that first figure, even if that number isn't representative of the true market value. This anchoring effect can lead to skewed decision-making and can be particularly impactful in uncertain situations where individuals may lack a solid basis for their judgments.

Understanding anchoring is vital because it highlights how our previous experiences and the information we encounter can improperly shape our decisions. Recognizing this tendency can help individuals and professionals approach decision-making with a more critical mindset, ensuring that they evaluate information more comprehensively rather than allowing any single piece of data to disproportionately sway their conclusions.