Part 3/11:
Suppose you're selling a couch on Craigslist, listing it for $500 when you're willing to accept $300. The initial price you state acts as an anchor, setting the tone for ensuing negotiations. Behavioral psychology reveals that people tend to fixate on the first number they hear, making it vital to set an anchor that leans favorably towards your goals. Notably, experienced negotiators can also fall prey to anchoring, underscoring the importance of making strategic first offers.