3 ms·

Also called price anchoring [0] in marketing. [0] https://en.wikipedia.org/wiki/Anchoring https://en.wikipedia.org/wiki/Anchoring

• astrobase_go 9y ago
  indeed; for those who may not be familiar, see 'behavioral economics' [0] for the ways that known quirks in human reasoning can be used to game consumers. don't buy a house without learning about it. there are two great books I recommend for those interested: predictably irrational [1] and the upside of irrationality [2]. personally, I think the first is better than the second as a layman's introduction to it. [0] https://en.wikipedia.org/wiki/Behavioral_economics https://en.wikipedia.org/wiki/Behavioral_economics [1] https://www.amazon.com/Predictably-Irrational-Revised-Expanded-Decisions/dp/0061353248 https://www.amazon.com/Predictably-Irrational-Revised-Expand... [2] https://www.amazon.com/Upside-Irrationality-Unexpected-Benefits-Defying/dp/0061995045 https://www.amazon.com/Upside-Irrationality-Unexpected-Benef...
  • chaseha 9y ago
    you mentioned real estate - do you know of any books/articles that delve into behavioral economics from a homebuyer's perspective?
• david-cako 9y ago
  As an extension, I suspect that the extreme initial price reports (base model iPhone X at $1300 at one point?) are another form of anchoring. Apple is likely intentionally desensitizing people to the price.