You may not have heard of the anchoring effect when negotiating.
But you'll certainly have experienced it.
To illustrate the anchoring effect, let's say I ask 200 people how old Mahatma Gandhi was when he died.
For half of the 200 I preface the question by saying: ‘Did he die before or after the age of 9?’ For the other half I say: ‘Did he die before or after the age of 140?’
Obviously these are not very helpful statements. Anyone who has any clue who Gandhi was will know that he was definitely older than 9 when he died; while the oldest person who ever lived was 122. So why bother making these apparently stupid statements?
Because, according to ...