Normally $450; on sale now for $215 — don’t be snookered by the anchoring effect

Anchoring (also called focalism) is a cognitive bias in which we become inordinately influenced by initial information (considered to be the “anchor”). Once we accept the anchor, all future judgments, decisions, negotiations, arguments, estimates, etc. are made in relation to the anchor. And we become reluctant to embrace information and facts that challenge the initial …