As it turns out I have no idea what percentage of bloggers own cats, but I bet the 17% seemed far more reasonable than the 57%. Our brains latch onto them, sometimes in seemingly meaningless ways. Crazy right? I figured more bloggers would own cats. In fact, it turns out only 17% of bloggers own cats. Numbers Are Powerful, Even When We Know They’re Irrelevantĭid you know that 57% of bloggers own cats? Conclusive demographic research has shown that a majority of people who blog also own cats. If the salesman can get the customer anchored on the higher price the consumer will estimate that the lower price is a good deal. This way any price lower than the initial anchor price seem more reasonable, even if they are still higher than what the car is really worth. Say you’re buying a used car, the initial price offered for a used car sets the standard for the rest of the negotiation, regardless of the legitimacy of the initial price.
The brain anchors with the number 12 and adjusts downward. A sign was then placed on the display stating “Limit of 12 per person.” The results show that purchase limits can increase sales shoppers who bought soup from the display with no limit purchased an average of 3.3 cans of soup, whereas buyers with limits of 12 purchased an average of 7 cans of soup. Wansink, Kent, and Hoch designed a field study using end-aisle displays to advertise Cambell’s soups for $0.79 per can. However, this limit serves a very different purpose. We’ve all seen the sign before, there’s something on sale with a sign reading “Limit 12 Per Customer.” Most people conclude this limit is there to protect the store from being wiped out of the sale item of overly-eager bargain hunters. In another study by Wansink, Kent, and Hoch looked at how setting purchase quantity limits affect buying behavior. Want to learn more about the hidden forces that shape our decisions? Read Predictably Irrational by Dan Ariely (his TED Talk on this topic has over 5.5 million views). The brain uses the the number four as the anchor. “On Sale, $0.50/roll” In this particular experiment, the multiple unit pricing performed 40% better than the single unit pricing, even though the sale value is exactly the same. For example, “On Sale, 4 Rolls of Bathroom Tissue for $2” vs. Psychologists Brian Wansink, Robert Kent, and Stephen Hoch studied how multiple unit pricing increased supermarket sales. Here are several examples of the anchoring bias in action:
Various studies have shown that even when subjects are informed about the irrelevancy of the anchor, it is still incredibly challenging to avoid factoring it into decisions.
Their anchoring rule states that when we humans are uncertain about the correct answer, we take a guess using the most recent number we’ve heard as a staring point. They were interested how people formed judgements when they were unsure of the facts. Kahneman and Tversky performed groundbreaking studies in the fields of decision science, specifically around how people manage risk and uncertainty. Once the anchor is set, decisions are then made by adjusting around the initial anchor number, regardless of the legitimacy of the actual anchor number. The anchoring bias describes the common human tendency to rely too heavily on the first piece of information offered (the “anchor”) when making decisions (sometimes referred to as the “anchoring effect”). In 1974 cognitive psychologists Daniel Kahneman and Amos Tversky identified what is known as the “anchoring heuristic.” A heuristic is essentially a mental shortcut or rule of thumb the brain uses to simplify complex problems in order to make decisions (also known as a cognitive bias).
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