The original description of the anchoring effect came from psychophysics. ![]() Another example may be when estimating the orbit of Mars, one might start with the Earth's orbit (365 days) and then adjust upward until they reach a value that seems reasonable (usually less than 687 days, the correct answer). Prices discussed in negotiations that are lower than the anchor may seem reasonable, perhaps even cheap to the buyer, even if said prices are still relatively higher than the actual market value of the car. For example, an individual may be more likely to purchase a car if it is placed alongside a more expensive model (the anchor). made by an individual may change from what they would have otherwise been without the anchor. ![]() In numeric anchoring, once the value of the anchor is set, subsequent arguments, estimates, etc. Both numeric and non-numeric anchoring have been reported in research. The anchoring effect is a psychological phenomenon in which an individual's judgements or decisions are influenced by a reference point or "anchor" which can be completely irrelevant.
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