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Cognitive Biases Anchoring Bias
Guess the Price
Quick game: guess what some everyday products cost.
1For each item we first ask a throwaway yes/no question that mentions a price.
2That price is random and means nothing. Ignore it.
3Then type your honest best guess of the real price.
4After six items, see whether those random numbers secretly moved you.
The concept· Tversky & Kahneman, 1974
Anchoring Bias
Anchoring is the tendency to lean too heavily on the first piece of information offered — the "anchor" — when making estimates, even when that number is arbitrary or irrelevant.
Almost every price you judge is judged against an anchor someone else chose. Whoever sets the first number controls the range you negotiate within.