Is the population of Venezuela greater or fewer than 65 million? Go ahead and guess. Ok, another question, how many people do you think live Venezuela?Come up with a figure and keep it in your head. To figure out how those channels were dug, those paths were beaten, answer this: Source:

The prices you expect to pay, where did those expectations originate? Yet, over and over, when people heard the sale price, they smiled and wrestled with their better judgment. Each time, I figured it was obvious to customers the company I worked for marked up the prices to unrealistic extremes. One of my first jobs was selling leather coats, and I depended on the anchoring effect to earn commission. It’s expensive, and you don’t need it really, but $600 off the price seems like a great deal for a coat which will increase your cool by a factor of 11. You put it on the card, unaware you’ve been tricked by the oldest retail con in the business. “No, that jacket is on sale right now for $400.” You start to head back to the hanger when a salesperson stops you.

You lift the sleeve to check the price – $1,000. While wearing this item, you imagine onlookers will clutch their chests and gasp every time you walk into a room or cross a street. You try it on, look in the mirror and decide you must have it. You walk into a clothing store and see what is probably the most bad ass leather jacket you’ve ever seen. The Truth: Your first perception lingers in your mind, affecting later perceptions and decisions. The Misconception: You rationally analyze all factors before making a choice or determining value.

The anchoring effect