3 ms·
The "vote for the price you think is fair" thing is brilliant. I'm assuming that you're using this data to inform the decision on the actual price. I think tho
by po 16y ago
The "vote for the price you think is fair" thing is brilliant. I'm assuming that you're using this data to inform the decision on the actual price.
I think though, that having a limited set of choices will influence the votes. People will pick the middle one. You should have a fill-in box.
I see this problem all the time with people trying to implement the "wisdom of the crowds" or market concepts. It is important that people make their decision in isolation of other people's opinion. Otherwise social pressure and other factors distorts the outcome.
- kyro 16y agoYeah, this is that "anchoring effect." If you tell someone that you think a pair of jeans costs $400 and ask them to guess a price, chances are they'll quote one around $400 even when the actual price is something like $40.