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  3. At What Price?
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  3. At What Price?

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The Anchoring-and-Adjustment Heuristic01:25

The Anchoring-and-Adjustment Heuristic

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In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
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Related Experiment Videos

At what price?

Patricia M Danzon1

  • 1Health Care Management Department at The Wharton School, University of Pennsylvania, Philadelphia, USA.

Nature
|September 14, 2007
Summary

No abstract available in PubMed .

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