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, ...

Anchoring effects refer to a systematic bias in human cognition whereby initial information or reference points unduly influence subsequent judgements and decisions. This phenomenon has been ...

What is the average price of a textbook in the nearest college campus bookstore? Before you answer, is it greater or less than $7,128.53? Most people quickly agree that the average price of a textbook ...

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 ...

For some reason, negotiation tends to be considered a specialized professional skill instead of a basic life one. Business school students and salespeople learn tons about how to work out deals, but ...