A psychological bias that illuminates how we negotiate, predict our emotions, agree a price and much more...
To illustrate the anchoring effect, let's say I ask you how old Mahatma Gandhi was when he died.
For half of you I'll preface the question by saying: "Did he die before or after the age of 9?" For the other half I'll say: "Did he die before or after the age of 140?"
Obviously these are not very helpful statements. Anyone who has any clue who Gandhi was will know that he was definitely...
