Anchoring

Anchoring is the tendency for judgments to drift toward a first-seen number, even when that number is irrelevant. The opening bid colours the negotiation, the list price colours what feels reasonable, the most expensive item on the menu makes the middle one look modest. The effect is among the most robust in decision psychology and works even on professionals who know it exists. For marketing, anchoring powers price presentation: order, reference prices and bundle framing set the anchor before the customer calculates. The ethical line sits where the anchor replaces information rather than ordering it.

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