Comment on Start high in negotiations and low in auctions Comments−vtryOP14ystarting 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:−vtryOP14yIt also turns out that, contrary to conventional wisdom, making the first offer is also a good strategy:
Comments
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:
It also turns out that, contrary to conventional wisdom, making the first offer is also a good strategy: