How To Make Anchoring Work For You During A Negotiation
from The Accidental Negotiator Hosted by Jim Anderson
During a negotiation, sometimes something amazing happens. When one side presents a number to the other side, that side can all of suddenly end up irrationally fixating on that first number that was put forth at the bargaining table. This number is called “the anchor”. The other side (or us) can become fixated with it no matter how outlandish it may be. Even when we know the anchor has limited relevance, we can sometimes fail to sufficiently adjust our judgments away from it. This is an example of the anchoring effect in negotiations. Negotiators can use anchoring to reduce risk in a negotiation.
Embed this episode
No transcript yet.