Did Mahatma Gandhi die before or after the age of 140 years old? How old was he when he died? Average answer = 67 years.Did Mahatma Gandhi die before or after the age of 9 years old? How old was he when he died? Average answer = 50 years.The questions and results were as follows: Before the groups answered, they were anchored by preceding questions. In a 1997 experiment by Strack and Mussweiler, the two groups of participants to guess the age of Mahatma Gandhi when he died. It also helps to explain the Halo Effect and the power of first impressions. It's linked to the Availability Heuristics and complements models such as BATNA & ZOPA in negotiations and should even be considered as part of a pricing strategy in the 4Ps of Marketing. The Anchoring Heuristic, also known as the Anchoring Bias or Anchoring Effect, is part of behavioural economics and an outcome of Fast and Slow Thinking. It's so ingrained it's even been shown to impact judges who are anchored by absurd sentencing demands (see In Practice below for more). It's a heuristic that constantly comes into play and should be interrupted or used in buying and selling as well as negotiating. We've already seen an example with pricing. In negotiating, introducing a starting figure means that there will be a tendency to 'anchor' and compare later offers in terms of that initial proposal. The Anchoring Effect describes your tendency to over-rely on initial information. This initial information then becomes an ‘anchor’ for later judgements and decisions. Given the title of this model, you likely know that I was anchoring you - yet it's also likely that the US$60 seemed even cheaper than if you just heard it isolation.
Let's say I told you that joining ModelThinkers costs US$200.
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