Precision in a Seller’s Market: Round Asking Prices Lead to Higher Counteroffers and Selling Prices

References

• Backus M, Blake T, Tadelis S (2015) Cheap talk, round numbers, and the economics of negotiation. Working paper, Columbia University, New York.Google Scholar
• Bazerman MH, Curhan JR, Moore DA, Valley KL (2000) Negotiation. Annu. Rev. Psych. 51(1):279–314.Crossref, Google Scholar
• Calcasa (2017) 2017 Q2 WOX kwartaalbericht: nog nooit zo vaak boven de vraagprijs geboden. Report, Calcasa, Delft, Netherlands.Google Scholar
• Dizik A (2014) Strategies for setting a price for your home. Wall Street Journal (August 21), https://www.wsj.com/articles/strategies-for-setting-a-price-for-your-home-1408637453.Google Scholar
• Frech M-L, Loschelder DD, Friese M (2019) How attribution-of-competence and scale-granularity explain the anchor precision effect in negotiations and estimations. Working paper, Universität des Saarlandes, Saarbrücken, Germany.Google Scholar
• Galinsky AD, Mussweiler T (2001) First offers as anchors: The role of perspective-taking and negotiator focus. J. Personality Soc. Psych. 81(4):657–669.Crossref, Google Scholar
• Hayes AF (2013) Introduction to Mediation, Moderation, and Conditional Process Analysis: Methodology in the Social Sciences (Guilford Press, New York).Google Scholar
• Hunt SC, Eaton TV, Reinstein A (2009) Accounting faculty job search in a seller’s market. Issues Accounting Ed. 24(2):157–185.Crossref, Google Scholar
• Janiszewski C, Uy D (2008) Precision of the anchor influences the amount of adjustment. Psych. Sci. 19(2):121–127.Crossref, Google Scholar
• Koster HRA, Rouwendal J (2017) Historic amenities and housing externalities: Evidence from the Netherlands. Econom. J. 127(605):F396–F420.Google Scholar
• Ku G, Galinsky AD, Murnighan JK (2006) Starting low but ending high: A reversal of the anchoring effect in auctions. J. Personality Soc. Psych. 90(6):975–986.Crossref, Google Scholar
• Lee AJ, Loschelder DD, Schweinsberg M, Mason MF, Galinsky AD (2018) Too precise to pursue: How precise first offers create barriers-to-entry in negotiations and markets. Organ. Behav. Human Decision Processes 148(September):87–100.Crossref, Google Scholar
• Loschelder DD, Friese M, Schaerer M, Galinsky AD (2016) The too-much-precision effect: When and why precise anchors backfire with experts. Psych. Sci. 27(12):1573–1587.Crossref, Google Scholar
• Loschelder DD, Friese M, Trötschel R (2017) How and why precise anchors distinctly affect anchor recipients and senders. J. Experiment. Soc. Psych. 70(May):164–176.Crossref, Google Scholar
• Loschelder DD, Stuppi J, Trötschel R (2014) €14,875?!”: Precision boosts the anchoring potency of first offers. Soc. Psych. Personality Sci. 5(4):491–499.Crossref, Google Scholar
• Loschelder DD, Weber M, Friese M, Frech M-L, Mason M, Galinsky AD (2019) The power and peril of precise numbers: An empirical and theoretical review, p-curve, and meta-analysis. Working paper, Leuphana University of Lüneburg, Lüneburg, Germany.Google Scholar
• Mason MF, Lee AJ, Wiley EA, Ames DR (2013) Precise offers are potent anchors: Conciliatory counteroffers and attributions of knowledge in negotiations. J. Experment. Soc. Psych. 49(4):759–763.Crossref, Google Scholar
• Perrucci R, O’Flaherty K, Marshall H (1983) Market conditions, productivity, and promotion among university faculty. Res. Higher Ed. 19(4):431–449.Crossref, Google Scholar
• Ritov I (1996) Anchoring in simulated competitive marketing negotiations. Organ. Behav. Human Decision Processes 67(1):16–25.Crossref, Google Scholar
• Thomas M, Simon DH, Kadiyali V (2010) The price precision effect: Evidence from laboratory and market data. Marketing Sci. 29(1):175–190.Link, Google Scholar
• Thompson L (1990) Negotiation behavior and outcomes: empirical evidence and theoretical issues. Psych. Bull. 108(3):515–532.Crossref, Google Scholar
• Wegwijs (2017) Hoog inzetten passé: Makelaar omarmt vanafprijs. Report, Wegwijs, Emmeloord, Netherlands.Google Scholar
• Yan D, Pena-Marin J (2017) Round off the bargaining: the effects of offer roundness on willingness to accept. J. Consumer Res. 44(2):381–395.Crossref, Google Scholar
• Zhang YC, Schwarz N (2013) The power of precise numbers: a conversational logic analysis. J. Experiment. Soc. Psych. 49(5):944–946.Crossref, Google Scholar