“€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

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“€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.

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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

UR - http://www.scopus.com/inward/record.url?scp=84898883868&partnerID=8YFLogxK

UR - https://www.mendeley.com/catalogue/0c0a358c-b0b6-33ac-a1e0-dd151a7eed90/

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 -

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https://doi.org/10.1177/1948550613499942
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“€14,875?!”: Precision boosts the anchoring potency of first offers

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