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anchoring negotiation

An anchor in negotiation involves "naming your price" or fixing your negotiating position through declaration of goals that may or may not be readily apparent to your counterpart. Anchoring has the effect of shifting the negotiation away from a collaborative process to one of haggling.

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Price Anchoring 101

Posted by & filed under Negotiation Skills.

Opening offers have a strong effect in price negotiations. The first offer typically serves as an anchor that strongly influences the discussion that follows. In research documenting price anchoring, psychologists Daniel Kahneman and Amos Tversky found that even random numbers can have a dramatic impact on people’s subsequent judgments and decisions. … Read Price Anchoring 101