What does anchoring bias mean?

anchoring bias meaning in Law Dictionary

Basing view on a predicament that has nothing to do with the current issue.

anchoring bias meaning in Business Dictionary

The act of basing a judgment on a familiar research point which partial or irrelevant to the issue that's being solved. A good example occurs when a consumer judges the relative value of an item or service from an organization based on the cost in a few past period of time. Or, an investor may assess that a stock pricing is overvalued or undervalued considering that stock's earlier high share price.