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Introduction
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An estimate can depend partly on the first number you encounter. A preference can depend partly on whether the same outcome is described as a gain or a loss. These influences are known as anchoring and framing.
Anchoring occurs when a starting value draws a later estimate toward it. Framing occurs when the presentation of a choice affects how it is understood or evaluated. Neither term means that every starting number is irrelevant or that every difference in wording is misleading.
The task is to identify what information the presentation contributes and whether your judgment would change when the same facts are organized differently.