Riley Watson, lead salesperson for Bowman Industries, begins customer negotiations by proposing an unusually high price. Riley is hoping her customer will exhibit which cognitive bias in the negotiations?
A) arrogance bias
B) overconfidence bias
C) anchoring bias
D) confirmatory bias

Question

Quizplus · Accepted Answer

Anchoring bias occurs when individuals rely too heavily on the first piece of information offered (the "anchor") when making decisions. Riley is using a high initial price as an anchor to influence the customer's perception of a reasonable price.

Riley Watson, Lead Salesperson for Bowman Industries, Begins Customer Negotiations