Have you ever been in a buying situation where you think in principle the merchant should be wide open to haggling, but then they pull out some piece of Objective Information (eg. a nicely formatted and laminated price sheet) that has the effect of anchoring the price in their favor? Check out Dan Ariely‘s experience in Instanbul’s Grand Bazaar. Best moment is when Ariely takes the calculator back from the merchant and does his own formula.
AUTHOR
Mick Weinstein
380 postsYou may also like
Stimulus, vaccines and new political agendas underpin recovery hopes
Matthew Yglesias (at right), Fellow at the Center for American Progress Action Fund, is frustrated, and for good reason. Yglesias was considering […]
A checklist of questions when you’re hunting for a financial adviser to work with.
Financial journalists were roundly criticized for weak reporting in the lead-up to the 2008 crisis, but the latest round of Pulitzer Prizes, […]