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The Anchor Effect
Psychology used by:
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People are often anchored to an initial piece of information.
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Introduction
People become irrationally anchored to the first piece of information that they see.
i.e., in a sales negotiation, the person who first suggests a price has anchored the barter around that value.
In the above illustration, the second option would likely feel like a better deal, because the 'value' of the shoe has been anchored at $900, despite there being a sale price.
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Written by Peter Ramsey
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