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starting prices are a form of 'anchor' - a piece of information which is known to affect subsequent decisions. As the authors note, anchoring has a powerful inf
by vtry 14y ago
starting prices are a form of 'anchor' - a piece of information which is known to affect subsequent decisions. As the authors note, anchoring has a powerful influence on our reasoning:
- vtry 14y agoIt also turns out that, contrary to conventional wisdom, making the first offer is also a good strategy: