A more thorough explanation:

An anchor is a reference point used in various fields, including law. In legal proceedings, lawyers may use anchors to influence the jury's decision-making process through a technique called anchoring. Anchoring bias is a psychological phenomenon where people's perception of value is influenced by arbitrary numerical examples that may not accurately reflect the actual value.

For instance, in a court case where damages are being assessed, the plaintiff's lawyer may ask for a large sum of money to anchor the jury's perception of the damages suffered. This can lead the jury to conclude that the actual damages are higher than they may be. Anchoring with per diem damages, which are damages incurred per day, can be particularly effective because any potential bias effects in the jury's damages determination will compound as the number of days the plaintiff is compensated for increases.

Another example of anchoring bias can be seen in the pricing of products. A company may set a high price for a product initially, which can anchor the consumer's perception of the product's value. Even if the company later reduces the price, the consumer may still perceive the product as being of high value and be willing to pay more than they would have if the initial price had been lower.

In summary, anchoring is a technique used to influence perception and decision-making by using a reference point. It is important to be aware of anchoring bias in various contexts, including legal proceedings and consumer behavior.