Abstract: The anchoring effect has been well-established in the field of judgment and decision making and verified across many different domains since it was first proposed by A. Tversky and D. Kahneman. Researchers have proposed different types of anchoring effects, research paradigms to study them, and different theoretical viewpoints on the psychological mechanisms underlying these phenomena. This paper reviews the latest research on anchoring effect and discusses several areas that should be explored in future studies. Specifically, more research is needed to investigate the neuropsychological mechanisms of anchoring effects, other external influences and factors, and the positive and negative impacts anchoring effects have on behavior

Key words: anchoring effect, judgment, decision-making