The too-much precision effect: When and why precise anchors backfire with experts

The too-much precision effect: When and why precise anchors backfire with experts

Past research has suggested a fundamental principle of price precision: The more precise an opening price, the more it anchors counteroffers. The present research challenges this principle by demonstrating a too-much-precision effect. Five experiments (involving 1,320 experts and amateurs in real-es...

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Bibliographic Details
Main Authors: LOSCHELDER, David D., FRIESE, Malte, SCHAERER, Michael, GALINSKY, Adam D.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2016
Subjects:
anchoring
judgment
negotiation
first offers
precision
experts versus amateurs
open data
open materials
Organizational Behavior and Theory
Organization Development
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/5171
https://ink.library.smu.edu.sg/context/lkcsb_research/article/6170/viewcontent/Too_much_precision_effect_2016_PS_av.pdf
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Institution: Singapore Management University
Language: English

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https://ink.library.smu.edu.sg/lkcsb_research/5171
https://ink.library.smu.edu.sg/context/lkcsb_research/article/6170/viewcontent/Too_much_precision_effect_2016_PS_av.pdf

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