Have you ever made a purchase based on the "average price" of an item, thought you got a great deal and realized you could have bought it for even less somewhere else? Have you ever negotiated your ...

When you were a kid, the adults in your life likely used some kind of bartering system to convince you to do things. Eat your vegetables? “You get dessert after.” Do your home work? “You get an extra ...

Anchoring is a way to set expectations right at the start of a negotiation in ways that make your actual offer more attractive to the other party. Let’s say I’m trying to sell a car, and I’d love to ...

An anchor is a trigger that creates a response in your subject. You can set anchors for yourself; for example, an alarm clock that prompts you to wake up and turn off the alarm. A good salesperson or ...

Forbes contributors publish independent expert analyses and insights. Bryce Hoffman writes about leadership, strategy, and decision making. The anchoring effect refers to our tendency to rely too ...

Imagine making a crucial decision only to realize later that your choice was heavily influenced by the first piece of information you encountered. This cognitive bias, known as the anchoring effect, ...

Running errands is boring, but running errands with the promise of getting a strawberry iced matcha on the way? Suddenly, it doesn’t sound so bad. It not only makes the experience more fun while it’s ...