Latest / Behavioral Economics with Fexingo: Decision Making, Bias, and How People Really Spend
How the First Number You See Sets the Price Youll Pay
Why does the first price you see for a product or salary become the benchmark for everything else? Lucas and Luna dive into the anchoring effect, the cognitive bias discovered by Kahneman and Tversky that explains how an initial number—even a random one—can warp our judgment. They explore a classic experiment where a spinning wheel of fortune influenced guesses about UN membership, then trace anchoring into real-world domains: real estate listing prices that shape market comparisons, salary negotiations where the first offer sets the range, and retail strategies like MSRP and comparative…
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