Alternative Dispute Resolution
Dec. 12, 2015
Don't get carried away with demands
Human beings tend to rely too heavily on the first piece of information they receive when making decisions. By Steven G. Pearl
Steven G. Pearl
Steve Pearl Mediation
18960 Ventura Blvd
Tarzana , CA 91356
UC Hastings College of Law
Human beings tend to rely too heavily on the first piece of information they receive when making decisions. This is known as the "anchoring effect," and that first piece of information is the anchor. For example, a high initial sales price for a used car serves as the anchor for the rest of the negotiations, dragging the final sales price higher than a more reasonable initial demand would.
Numerous experiments have shown t...
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