This article is from The Conversation; a news outlet funded by a number of universities, and it describes a psychological heuristic called the anchoring effect. I came across it as an undergraduate back in the last Ice Age and I’d forgotten about it but this reminder is timely. Exposure to a given top (or bottom) price makes us adjust our expectations as to what a fair price might be. In this example, seeing a ludicrously priced TV makes the next item on sale seem reasonable despite still being far greater than you might have considered acceptable without that first cognitive … Continue reading Selling your books – beware the anchoring effect