Price Anchoring and why you should learn about it

Price Anchoring and why you should learn about it

You know that very expensive bottle on the wine list at a restaurant that you’ll probably never buy?

It’s there for a reason. Once you’ve seen the stupidly expensive item the rest of the menu will appear to be good value in comparison.

Then when you effectively get ripped off for the cheaper bottle it won’t seem as outrageous.

The same happens with food menus, car prices, electrical items, anytime you see the RRP listed, magazine/website subscriptions etc etc

This image/article (talking about subscribers to The Economist Newspaper) proves how important this can be in day to day life, for those interested in learning more about price anchoring check out http://10ws.co/1wvvlI3

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Hope a few of you have found this useful / thought provoking.

This example by Steve Jobs is a perfect example of how it works:

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