 Anchoring bias is people's tendency to fixate on the first piece of information they receive, especially when it concerns numbers. This piece of information becomes a reference point or anchor. Because of that, people base all subsequent decisions on this anchor. For example, initial offers have a stronger influence on the outcome of negotiations than subsequent ones. Framing effect refers to our tendency to make decisions based on how the information about the decision is presented to us. In other words, our response depends on whether the option is presented in a negative or positive light. This means that the same information can be more or less attractive depending on the wording or what features are highlighted.