Starting Low On EBay Pays Off
Attention eBay auctioneers: Want to get a higher price for an item you’re trying to sell?Set the auction’s starting price as low as possible.Unless it is an item you don’t believe there’s a lot of interest in; in that case, start the auction at a higher price.This advice is brought to you by PhD researchers at Northwestern University’s Kellogg School of Management. One of them is 37-year-old Adam Galinsky, associate professor of management and organization.In June, Galinsky was co-author of a paper titled “Starting Low But Ending High: A Reversal of the Anchoring Effect in Auctions.” It looked at combined data from completed eBay auctions, the findings from related research studies and results from a lab experiment.Galinsky became interested in the economic and psychological aspects of eBay auctions after studying face-to-face negotiations.
Professor’s eBay advice: Starting price is the key | Chicago Tribune
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