Anchoring in Negotiation Strategy

Jinze Guo, Wei Li and Zuoming Liu ()
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Jinze Guo: Shanghai World Foreign Language Academy
Wei Li: The Village School
Zuoming Liu: Cardiff Sixth Form College

A chapter in Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), 2022, pp 1134-1138 from Springer

Abstract: ABSTRACT The essay mainly focuses on the Anchoring effect and it discusses how the anchor functions in real life. To begin with, the term Anchoring is defined and many related types of research are cited to show that anchoring has important uses in our lives. Then, four different types of anchors are provided, and each shows a different way for our ways of thinking. Next, the essay points out how it works in the negotiation strategy, mentions the anchoring of the initial offering and the selective accessibility, and provides an example in the real estate market. There is much evidence given that the anchoring affects this market. It is concluded that the anchoring bias is common in our lives and can easily affect people in different aspects without our perception. It influences people’s consciousness in our minds to affect our decisions.

Keywords: Anchoring; Negotiation; Price (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-036-7_167

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DOI: 10.2991/978-94-6463-036-7_167

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