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		Start high in negotiations and low in auctions (businessinsider.com)
		1 point by vtry on Aug 3, 2012 \| hide \| past \| favorite \| 2 comments

vtry on Aug 3, 2012 [–]

starting prices are a form of 'anchor' - a piece of information which is known to affect subsequent decisions. As the authors note, anchoring has a powerful influence on our reasoning:

vtry on Aug 3, 2012 | [–]

It also turns out that, contrary to conventional wisdom, making the first offer is also a good strategy:

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