- The anchoring effect is a cognitive bias that influences one to rely too heavily on the first piece of information received.
- Stores use it all the time to convince you to buy.
- MSRP for a new Lexus is $39,999.
- You negotiated a price for $35,000.
- You feel terrific, because you believe you got a discount.
- The anchoring effect has worked, because the actual cost of the Lexus was $30,000.
- The dealer artificially inflated the price, so you'd perceive you're getting a $5k discount, when in actuality, you paid $5k more than the dealer's cost (they paid Toyota $25k and they need an additional $5k to cover their own brick, mortar, and FTE costs)
While I appreciate members of this Forum might like to start the discussion by seeing the price I've been quoted by the Tour operator, I'm trying to avoid making that quote a psychological "anchor"; I'd prefer to see others post as to what they have found to be a fair price for comparable tours, perhaps based on their actual priors (not to get to Bayesian...….)
https://psychcentral.com/blog/the-an...everyday-life/
That said, thanks for re-affirming the point about getting to Petra itself, as opposed to only going to Wadi Rum and Little Petra.