Latest / Behavioral Economics with Fexingo: Decision Making, Bias, and How People Really Spend
The Anchoring Effect How the First Number Hijacks Your Wallet
Lucas and Luna explore the anchoring effect, the cognitive bias where an initial piece of information—a number, a price, a statistic—dramatically influences your subsequent decisions, even when that anchor is arbitrary. They dive into the classic 1974 Kahneman and Tversky experiment where a spinning wheel of fortune set people's estimates of UN peacekeeping nations, then connect it to real-world pricing: how car dealers use the sticker price as an anchor, how real estate agents show you a sky-high listing first, and how your own salary negotiation history shapes what you think…
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