Explain the concept of “anchoring” in negotiation and give an example. 200 words
Anchoring in negotiation is a very well know bias. It describe the tendency to given too much weight for the first number put that at the forth number and then inadequately adjust them from the starting point which is called anchor. We can also fixed the anchor at the discussion at hand when we get that it is irrelevant. Anchoring bias in an experiment involving a roulette wheel marked which is on an integer rating of 0 to 100.
For example - A job applicant based on his qualification and the experience believes and expect the salary between $85,000 and $95,000 annually, or he might mention that a former colleague just received an offer of $92,000. This is not an offer; it’s is considered an anchor that affects the other side’s perceptions of the ZOPA.
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Explain the concept of “anchoring” in negotiation and give an example. 200 words
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