Do you believe the first thing you see?
In each case, the participant used that initial number as the anchor point for their decision.
You read online that its average price is $27,000.
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So why might you jump so quickly on that first offer?
Because your initial research indicated that $27,000 was the average priceyour anchor point.
Any price lower than that probably would have been appealing.
Pixabay
The anchoring bias suggests that we favor the first bit of information we learn.
So you name a number, which then becomes the anchorthe starting point for all further negotiations.
This puts negotiations in your favor because your first offer established a range of acceptable counteroffers.
Nora Carol Photography/Getty Images
Any future offers will use that initial number as an anchor or focal point.
Even irrelevant or incorrect details can serve as anchors.
This makes media literacythe ability to evaluate what you see and read accuratelycrucial in contemporary life.
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