What’s funny is that it works even when people know the initial price is bullshit.
A study at MIT had people participate in a silent auction. They were asked to list the last two digits of their social security number and then asked if they would be willing to pay that many dollars for each item before placing their bid.
On average, people with higher SSN digits bid more.
What’s funny is that it works even when people know the initial price is bullshit.
A study at MIT had people participate in a silent auction. They were asked to list the last two digits of their social security number and then asked if they would be willing to pay that many dollars for each item before placing their bid.
On average, people with higher SSN digits bid more.