“€14,875?!”: Precision boosts the anchoring potency of first offers

David Demian Loschelder; Johannes Stuppi; Roman Trötschel

doi:10.1177/1948550613499942

“€14,875?!”: Precision boosts the anchoring potency of first offers

Research output: Journal contributions › Journal articles › Research › peer-review

Standard

“€14,875?!” : Precision boosts the anchoring potency of first offers. / Loschelder, David Demian; Stuppi, Johannes; Trötschel, Roman.

In: Social Psychological and Personality Science, Vol. 5, No. 4, 05.2014, p. 491-499.

Research output: Journal contributions › Journal articles › Research › peer-review

Bibtex

@article{4a107451e0984923b88e3ed5266d0d64,

title = "“€14,875?!”: Precision boosts the anchoring potency of first offers",

abstract = "In negotiations, higher first offers from sellers drive up sale prices—reversely, buyers benefit from lower first offers. Whereas abundant research has replicated this robust anchoring effect of opening offers, little is known about the impact of anchors{\textquoteright} precision or the interplay of extremity and precision. We propose that precision moderates the effect of anchor extremity, in that precise anchors gain in plausibility and thereby magnify the first-mover advantage. Two experiments tested this assumption. Study 1 shows that increasing precision strengthens the anchoring potency of first offers—sellers assimilate more to strong and precise anchors, which ultimately results in a particularly pronounced first-mover advantage. Study 2 replicates this moderating effect for buyers and indicates that an increased plausibility of precise anchors accounts for the findings. Implications for anchor theorizing, negotiation research, and the first minutes at a bargaining table are discussed.",

keywords = "Psychology, Negotiations, Anchor precision, Aanchoring, First offers, anchor precision, anchoring, first offers, negotiations",

author = "Loschelder, {David Demian} and Johannes Stuppi and Roman Tr{\"o}tschel",

year = "2014",

month = may,

doi = "10.1177/1948550613499942",

language = "English",

volume = "5",

pages = "491--499",

journal = "Social Psychological and Personality Science",

issn = "1948-5506",

publisher = "SAGE Publications Inc.",

number = "4",

}

RIS

TY - JOUR

T1 - “€14,875?!”

T2 - Precision boosts the anchoring potency of first offers

AU - Loschelder, David Demian

AU - Stuppi, Johannes

AU - Trötschel, Roman

PY - 2014/5

Y1 - 2014/5

N2 - In negotiations, higher first offers from sellers drive up sale prices—reversely, buyers benefit from lower first offers. Whereas abundant research has replicated this robust anchoring effect of opening offers, little is known about the impact of anchors’ precision or the interplay of extremity and precision. We propose that precision moderates the effect of anchor extremity, in that precise anchors gain in plausibility and thereby magnify the first-mover advantage. Two experiments tested this assumption. Study 1 shows that increasing precision strengthens the anchoring potency of first offers—sellers assimilate more to strong and precise anchors, which ultimately results in a particularly pronounced first-mover advantage. Study 2 replicates this moderating effect for buyers and indicates that an increased plausibility of precise anchors accounts for the findings. Implications for anchor theorizing, negotiation research, and the first minutes at a bargaining table are discussed.

AB - In negotiations, higher first offers from sellers drive up sale prices—reversely, buyers benefit from lower first offers. Whereas abundant research has replicated this robust anchoring effect of opening offers, little is known about the impact of anchors’ precision or the interplay of extremity and precision. We propose that precision moderates the effect of anchor extremity, in that precise anchors gain in plausibility and thereby magnify the first-mover advantage. Two experiments tested this assumption. Study 1 shows that increasing precision strengthens the anchoring potency of first offers—sellers assimilate more to strong and precise anchors, which ultimately results in a particularly pronounced first-mover advantage. Study 2 replicates this moderating effect for buyers and indicates that an increased plausibility of precise anchors accounts for the findings. Implications for anchor theorizing, negotiation research, and the first minutes at a bargaining table are discussed.

KW - Psychology

KW - Negotiations

KW - Anchor precision

KW - Aanchoring

KW - First offers

KW - anchor precision

KW - anchoring

KW - first offers

KW - negotiations

U2 - 10.1177/1948550613499942

DO - 10.1177/1948550613499942

M3 - Journal articles

VL - 5

SP - 491

EP - 499

JO - Social Psychological and Personality Science

JF - Social Psychological and Personality Science

SN - 1948-5506

IS - 4

ER -

Related by journal

Belief in Free Will Is Related to Internal Attribution in Self-Perception

Genschow, O. & Lange, J., 01.11.2022, In: Social Psychological and Personality Science. 13, 8, p. 1259-1268 10 p.

Research output: Journal contributions › Journal articles › Research › peer-review

Gendered Self-Views Across 62 Countries: A Test of Competing Models

Kosakowska-Berezecka, N., Bosson, J. K., Jurek, P., Besta, T., Olech, M., Vandello, J. A., Bender, M., Dandy, J., Hoorens, V., Jasinskaja-Lahti, I., Mankowski, E., Venäläinen, S., Abuhamdeh, S., Agyemang, C. B., Akbaş, G., Albayrak-Aydemir, N., Ammirati, S., Anderson, J., Anjum, G., Ariyanto, A., Aruta, J. J. B. R., Ashraf, M., Bakaitytė, A., Becker, M., Bertolli, C., Bërxulli, D., Best, D. L., Bi, C., Block, K., Boehnke, M., Bongiorno, R., Bosak, J., Casini, A., Chen, Q., Chi, P., Cubela Adoric, V., Daalmans, S., de Lemus, S., Dhakal, S., Dvorianchikov, N., Egami, S., Etchezahar, E., Esteves, C. S., Froehlich, L., Garcia-Sanchez, E., Gavreliuc, A., Gavreliuc, D., Gomez, Á., Guizzo, F., Graf, S., Greijdanus, H., Grigoryan, A., Grzymała-Moszczyńska, J., Guerch, K., Gustafsson Sendén, M., Hale, M. L., Hämer, H., Hirai, M., Hoang Duc, L., Hřebíčková, M., Hutchings, P. B., Jensen, D. H., Karabati, S., Kelmendi, K., Kengyel, G., Khachatryan, N., Ghazzawi, R., Kinahan, M., Kirby, T. A., Kovacs, M., Kozlowski, D., Krivoshchekov, V., Kryś, K., Kulich, C., Kurosawa, T., Lac An, N. T., Labarthe-Carrara, J., Lauri, M. A., Latu, I., Lawal, A. M., Li, J., Lindner, J., Lindqvist, A., Maitner, A. T., Makarova, E., Makashvili, A., Malayeri, S., Malik, S., Mancini, T., Manzi, C., Mari, S., Martiny, S. E., Mayer, C. H., Mihić, V., MiloševićĐorđević, J., Moreno-Bella, E., Moscatelli, S., Moynihan, A. B., Muller, D., Narhetali, E., Neto, F., Noels, K. A., Nyúl, B., O’Connor, E. C., Ochoa, D. P., Ohno, S., Olanrewaju Adebayo, S., Osborne, R., Pacilli, M. G., Palacio, J., Patnaik, S., Pavlopoulos, V., de León, P. P., Piterová, I., Porto, J. B., Puzio, A., Pyrkosz-Pacyna, J., Rentería Pérez, E., Renström, E., Rousseaux, T., Ryan, M. K., Safdar, S., Sainz, M., Salvati, M., Samekin, A., Schindler, S., Sevincer, A. T., Seydi, M., Shepherd, D., Sherbaji, S., Schmader, T., Simão, C., Sobhie, R., Sobiecki, J., De Souza, L., Sarter, E., Sulejmanović, D., Sullivan, K. E., Tatsumi, M., Tavitian-Elmadjian, L., Thakur, S. J., Thi Mong Chi, Q., Torre, B., Torres, A., Torres, C. V., Türkoğlu, B., Ungaretti, J., Valshtein, T., Van Laar, C., van der Noll, J., Vasiutynskyi, V., Vauclair, C. M., Vohra, N., Walentynowicz, M., Ward, C., Włodarczyk, A., Yang, Y., Yzerbyt, V., Zanello, V., Zapata-Calvente, A. L., Zawisza, M., Žukauskienė, R. & Żadkowska, M., 09.2023, In: Social Psychological and Personality Science. 14, 7, p. 808-824 17 p.

Research output: Journal contributions › Journal articles › Research › peer-review

Global Consciousness Predicts Behavioral Responses to the COVID-19 Pandemic: Empirical Evidence From 35 Cultures

Chen, S. X., Ng, J. C. K., Hui, B. P. H., Au, A. K. Y., Lam, B. C. P., Wu, W. C. H., Pun, N., Beattie, P., Welzel, C. & Liu, J. H., 01.06.2023, In: Social Psychological and Personality Science. 14, 5, p. 662-671 10 p.

Research output: Journal contributions › Journal articles › Research › peer-review

A Multilab Replication of the Ego Depletion Effect

Dang, J., Barker, P., Baumert, A., Bentvelzen, M., Berkman, E., Buchholz, N., Buczny, J., Chen, Z., De Cristofaro, V., de Vries, L., Dewitte, S., Giacomantonio, M., Gong, R., Homan, M., Imhoff, R., Ismail, I., Jia, L., Kubiak, T., Lange, F., Li, D. Y., Livingston, J., Ludwig, R., Panno, A., Pearman, J., Rassi, N., Schiöth, H. B., Schmitt, M., Sevincer, A. T., Shi, J., Stamos, A., Tan, Y. C., Wenzel, M., Zerhouni, O., Zhang, L. W., Zhang, Y. J. & Zinkernagel, A., 01.2021, In: Social Psychological and Personality Science. 12, 1, p. 14-24 11 p.

Research output: Journal contributions › Journal articles › Research › peer-review

Professional Judges’ Disbelief in Free Will Does Not Decrease Punishment

Genschow, O., Hawickhorst, H., Rigoni, D., Aschermann, E. & Brass, M., 01.04.2021, In: Social Psychological and Personality Science. 12, 3, p. 357-362 6 p.

Research output: Journal contributions › Journal articles › Research › peer-review

Other publications by the same author(s)

Addressing climate change with behavioral science: A global intervention tournament in 63 countries

Vlasceanu, M., Doell, K. C., Bak-Coleman, J. B., Todorova, B., Berkebile-Weinberg, M. M., Grayson, S. J., Patel, Y., Goldwert, D., Pei, Y., Chakroff, A., Pronizius, E., Broek, K. L. V. D., Vlasceanu, D., Constantino, S., Morais, M. J., Schumann, P., Rathje, S., Fang, K., Aglioti, S. M., Alfano, M., Alvarado-Yepez, A. J., Andersen, A., Anseel, F., Apps, M. A. J., Asadli, C., Awuor, F. J., Azevedo, F., Basaglia, P., Bélanger, J. J., Berger, S., Bertin, P., Białek, M., Bialobrzeska, O., Blaya-Burgo, M., Bleize, D. N. M., Bø, S., Boecker, L., Boggio, P. S., Borau, S., Bos, B., Bouguettaya, A., Brauer, M., Brick, C., Brik, T., Briker, R., Brosch, T., Buchel, O., Buonauro, D., Butalia, R., Carvacho, H., Chamberlain, S. A. E., Chan, H-Y., Chow, D., Chung, D., Cian, L., Cohen-Eick, N., Contreras-Huerta, L. S., Contu, D., Cristea, V., Cutler, J., D'Ottone, S., Keersmaecker, J. D., Delcourt, S., Delouvée, S., Diel, K., Douglas, B. D., Drupp, M. A., Dubey, S., Ekmanis, J., Elbaek, C. T., Elsherif, M., Engelhard, I. M., Escher, Y. A., Etienne, T. W., Farage, L., Farias, A. R., Feuerriegel, S., Findor, A., Freira, L., Friese, M., Gains, N. P., Gallyamova, A., Geiger, S. J., Genschow, O., Gjoneska, B., Gkinopoulos, T., Goldberg, B., Goldenberg, A., Gradidge, S., Grassini, S., Gray, K., Grelle, S., Griffin, S. M., Grigoryan, L., Grigoryan, A., Grigoryev, D., Gruber, J., Guilaran, J., Hadar, B., Hahnel, U. J. J., Halperin, E., Harvey, A. J., Haugestad, C. A. P., Herman, A. M., Hershfield, H. E., Himichi, T., Hine, D. W., Hofmann, W., Howe, L., Huaman-Chulluncuy, E. T., Huang, G., Ishii, T., Ito, A., Jia, F., Jost, J. T., Jovanović, V., Jurgiel, D., Kácha, O., Kankaanpää, R., Kantorowicz, J., Kantorowicz-Reznichenko, E., Mintz, K. K., Kaya, I., Kaya, O., Khachatryan, N., Klas, A., Klein, C., Klöckner, C. A., Koppel, L., Kosachenko, A. I., Kothe, E. J., Krebs, R., Krosch, A. R., Krouwel, A. P. M., Kyrychenko, Y., Lagomarsino, M., Lamm, C., Lange, F., Cunningham, J. L., Lees, J., Leung, T. Y., Levy, N., Lockwood, P. L., Longoni, C., Ortega, A. L., Loschelder, D. D., Lu, J. G., Luo, Y., Luomba, J., Lutz, A. E., Majer, J. M., Markowitz, E., Marsh, A. A., Mascarenhas, K. L., Mbilingi, B., Mbungu, W., McHugh, C., Meijers, M. H. C., Mercier, H., Mhagama, F. L., Michalakis, K., Mikus, N., Milliron, S., Mitkidis, P., Monge-Rodríguez, F. S., Mora, Y. L., Moreau, D., Motoki, K., Moyano, M., Mus, M., Navajas, J., Nguyen, T. L., Nguyen, D. M., Nguyen, T., Niemi, L., Nijssen, S. R. R., Nilsonne, G., Nitschke, J. P., Nockur, L., Okura, R., Öner, S., Özdoğru, A. A., Palumbo, H., Panagopoulos, C., Panasiti, M. S., Pärnamets, P., Paruzel-Czachura, M., Pavlov, Y. G., Payán-Gómez, C., Pearson, A. R., Costa, L. P. D., Petrowsky, H. M., Pfattheicher, S., Pham, N. T., Ponizovskiy, V., Pretus, C., Rêgo, G. G., Reimann, R., Rhoads, S. A., Riano-Moreno, J., Richter, I., Röer, J. P., Rosa-Sullivan, J., Ross, R. M., Sabherwal, A., Saito, T., Sarrasin, O., Say, N., Schmid, K., Schmitt, M. T., Schoenegger, P., Scholz, C., Schug, M. G., Schulreich, S., Shreedhar, G., Shuman, E., Sivan, S., Sjåstad, H., Soliman, M., Soud, K., Spampatti, T., Sparkman, G., Spasovski, O., Stanley, S. K., Stern, J. A., Strahm, N., Suko, Y., Sul, S., Syropoulos, S., Taylor, N. C., Tedaldi, E., Tinghög, G., Huynh, L. D. T., Travaglino, G. A., Tsakiris, M., Tüter, İ., Tyrala, M., Uluğ, Ö. M., Urbanek, A., Valko, D., Linden, S. V. D., Schie, K. V., Stekelenburg, A. V., Vanags, E., Västfjäll, D., Vesely, S., Vintr, J., Vranka, M., Wanguche, P. O., Willer, R., Wojcik, A. D., Xu, R., Yadav, A., Zawisza, M., Zhao, X., Zhao, J., Żuk, D. & Bavel, J. J. V., 09.02.2024, In: Science Advances. 10, 6, 19 p., eadj5778.

Research output: Journal contributions › Journal articles › Research › peer-review

DOI

https://doi.org/10.1177/1948550613499942
Final published version

“€14,875?!”: Precision boosts the anchoring potency of first offers

Standard

Harvard

APA

Vancouver

Bibtex

RIS

Related by journal

Belief in Free Will Is Related to Internal Attribution in Self-Perception

Gendered Self-Views Across 62 Countries: A Test of Competing Models

Global Consciousness Predicts Behavioral Responses to the COVID-19 Pandemic: Empirical Evidence From 35 Cultures

A Multilab Replication of the Ego Depletion Effect

Professional Judges’ Disbelief in Free Will Does Not Decrease Punishment

Other publications by the same author(s)

Addressing climate change with behavioral science: A global intervention tournament in 63 countries

A meta‐analysis on the effects of just‐below versus round prices

Expanding the pie or spoiling the cake? How the number of negotiation issues affects integrative bargaining

Nine Degrees of Uncertainty in Negotiations

Present generation’s negotiators realize their interests at the cost of future generations

DOI