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Anchoring in Negotiation Strategy

In: Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

Author

Listed:
  • Jinze Guo

    (Shanghai World Foreign Language Academy)

  • Wei Li

    (The Village School)

  • Zuoming Liu

    (Cardiff Sixth Form College)

Abstract

ABSTRACT The essay mainly focuses on the Anchoring effect and it discusses how the anchor functions in real life. To begin with, the term Anchoring is defined and many related types of research are cited to show that anchoring has important uses in our lives. Then, four different types of anchors are provided, and each shows a different way for our ways of thinking. Next, the essay points out how it works in the negotiation strategy, mentions the anchoring of the initial offering and the selective accessibility, and provides an example in the real estate market. There is much evidence given that the anchoring affects this market. It is concluded that the anchoring bias is common in our lives and can easily affect people in different aspects without our perception. It influences people’s consciousness in our minds to affect our decisions.

Suggested Citation

  • Jinze Guo & Wei Li & Zuoming Liu, 2022. "Anchoring in Negotiation Strategy," Advances in Economics, Business and Management Research, in: Yushi Jiang & Yuriy Shvets & Hrushikesh Mallick (ed.), Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), pages 1134-1138, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-036-7_167
    DOI: 10.2991/978-94-6463-036-7_167
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