Ep. 895: Algorithms, Negotiation and Persuasion with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Power of Anchoring
The author of four books talks about anchoring a person's perception of what is a legitimate number by what we say first. He shows people this contract with the charge of $75,000 but before they see it, he says, as you'll be able to see, I'm not going to be able to charge you a million dollars for this. The research backs the idea that if you put that high number up, then bring it down, it's completely different than not having the high number, isn't it?
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