The anchoring effect is a psychological phenomenon in which an individual's judgments or decisions are influenced by a reference point or "anchor" which can be completely irrelevant, e.g. the status symbol gained by owning an iPhone on your hand.
With anchoring effect, if a person sees a luxury item priced high first, they may perceive a subsequent similar item as a bargain, even if the latter is still expensive.
by Emotional Cruiser October 5, 2025
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