The Psychology of Pricing: 3 Anchoring Tactics Every Business Owner Must Know
In 1982, two renowned psychologists, Daniel Kahneman and Amos Tversky, conducted an experiment that showcased a fascinating cognitive bias: the Anchoring effect. They presented two groups of students with identical sequences of numbers but in reversed order and asked them to estimate the result quickly. The sequences were: The results were staggering. The first group, […]
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