Anchoring Bias - The Decision Lab
That’s important and worth repeating: An anchor price can be any figure, no matter how random, so long as we associate it with a decision. That decision gains power and influences our future decisions moving forward. Anchoring shows the importance of early decisions about pricing, that they establish a value in our heads and affect our own value ca
... See moreDan Ariely • Dollars and Sense
a principle called anchoring, meaning that the first information we encounter has an unduly large influence on what follows.