Agreeableness, where someone is polite and trusting. People high in agreeableness and conscientiousness and neuroticism are more likely to be affected by anchoring, while those high in extraversion and openness to experience are less likely to be affected. Another study found that those high in openness to new experiences were more susceptible to the anchoring effect. Cognitive ability The impact of cognitive ability on anchoring is contested. A recent study on willingness to pay for consumer goods found that anchoring decreased in those with greater cognitive ability, though it did not disappear. Another study, however, found that cognitive ability had no significant effect on how likely people were to use anchoring. In a poker-like experiment that included people of differing academic achievement and psychometric reasoning scoring, it has been found that anchoring is not related to education level. It also found that numerical reasoning and reflection scores had a negative association with anchoring susceptibility. Overconfidence Although overconfidence emanates from the heuristic and refers more specifically to a behavioural tendency to take their initial assessment and put more emphasis on it during making their initial assessment leading to cognitive conceit. Cognitive conceit or overconfidence arises from other factors like personal cognitive attributes such as knowledge and decision-making ability, decreasing the probability to pursue external sources of confirmation. This factor has also been shown to arise with tasks with greater difficulty. Even within subject matter experts, they were also prey to such behaviour of overconfidence and should more so, actively reduce such behaviour. Following the study of estimations under uncertain, despite several attempts to curb overconfidence proving unsuccessful, Tversky and Kahneman (1971) suggest an effective solution to overconfidence is for subjects to explicitly establish anchors to help reduce overconfidence in their estimates. Anchoring in negotiations In the negotiation process anchoring serves to determine an accepted starting point for the subsequent negotiations. As soon as one side states their first price offer, the (subjective) anchor is set. The counterbid (counter-anchor) is the second-anchor. In addition to the initial research conducted by Tversky and Kahneman, multiple other studies have shown that anchoring can greatly influence the estimated value of an object. For instance, although negotiators can generally appraise an offer based on multiple characteristics, studies have shown that they tend to focus on only one aspect. In this way, a deliberate starting point can strongly affect the range of possible counteroffers. The process of