Anchoring Bias

When we’re evaluating an option, we often fixate on the first piece of information we have about it. For example, if we’re bargaining with a salesperson, we might suggest a price only slightly lower than the one they suggest because our mind has anchored onto it as a starting point.

This is where doing your research comes in. When you go to buy something or hire someone, for example, decide in advance around how much you’d be willing to spend.

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