Anchoring Bias is used in psychology to represent the widespread human tendency to rely on the first piece of information or a familiar reference a person has heard, no matter how reliable this information is when a decision or choice is made. The first or specific value information is always tremendous effort the results people made. A product is truly never expensive or cheap; it depends on comparison. Most of the time having an anchor price will help a person make a decision or choice. This report will explain the bias built into the strategy of product pricing. This study describes the results of a survey conducted on how people will buy a car if a dealership provides different prices at different times. The survey data will show how people make decision or choice when they have prior price information. The questionnaires were distributed to a total of twenty-six students in the Spring 2018 FIN534 Behavioral Economics and Algorithmic Finance course with Professor Philip Z. Maymin at the University of Bridgeport, Ernest C. Trefz School of Business
