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Start high in negotiations and low in auctions
(
businessinsider.com
)
1 point
by
vtry
on Aug 3, 2012
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2 comments
vtry
on Aug 3, 2012
[–]
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:
vtry
on Aug 3, 2012
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parent
[–]
It also turns out that, contrary to conventional wisdom, making the first offer is also a good strategy:
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