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Behavioral Economics Lesson Two: The Anchoring Effect
Source: Council for Economic Education (EconEdLink) | Type: Lesson

COMPELLING QUESTION Can arbitrary numbers stick in our minds and affect our decision making? Students will participate in a trading game in which students are either a buyer or seller in a market. In this market students will be exposed to a particular number to serve as an anchor. The goal is to see if the students who are the sellers were able to get a higher price from the students with the higher anchor than the students with the lower anchor. This activity will be an introduction to analyze and discuss one of the most powerful tools for negotiation and a widely discussed topic in behavioral economics.




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