Cognitive biases
Behavioral Experiment to Test an Initial 'Anchoring' Price or Estimate
This directive encourages a client to actively seek disconfirming information after receiving an.
A client is weighing a significant decision, a job offer, a major purchase, or a contractor’s bid, but their entire perspective is skewed by the first number they were given. This initial piece of information has become an anchor, distorting how they evaluate all subsequent options and limiting their ability to negotiate effectively. They might feel stuck or convinced this initial figure is the only realistic one.
This task directs the client to deliberately seek out and engage with information that contradicts their initial anchor. The structure of the experiment provides a concrete way to test the validity of that first number in the real world. The client returns to the next session not with a single, dominant figure, but with a more robust and realistic range of possibilities for their decision.
Behavioral Experiment to Test an Initial 'Anchoring' Price or Estimate
This week, identify one situation where you will receive a price, quote, or estimate for a product or service. This could involve a repair, a purchase, or a professional service.
When you receive the first number, write it down. Do not negotiate, agree, or make a decision based on this initial figure. Your task is to then obtain two additional, independent prices or estimates for the exact same item or service from two different sources.
Use the table below to record the initial number and the two subsequent numbers you find. After you have collected all three, compare them. Notice the range between the lowest and highest figures. Bring this completed table with you.
| Item / Service | Initial Price (Anchor) | Second Price | Third Price |
|---|---|---|---|
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