Comment Anchor effect is well known (Score 5, Interesting) 298
TV ads have used anchoring for decades - "You won't pay $300, or $200, or $150 for this product, but it's yours today for 3 low payments of $29.99".
The first prices anchor your expectation, and $29 sounds like a great deal. Even those smart enough to mentally say "you mean $90" still come up with a 2-digit number instead of 3 digits, and it seems like a good deal.
Stores do this too. A slow-selling model will suddenly jump up in price when placed next to the product's big brother, at a higher price. The goal isn't to sell the more expensive product, it is to anchor your price to the smaller version seems like a deal.
When people have no idea what is going on, they need an anchor. This seems to be true of anything.
Automatic Master's thesis in any subject in advertising - take something advertisers have known for decades, make your thesis about how that applies to your field, and then do a study.
Advertisers have the financial incentive to know how people think, and the only problem is they stopped before generalizing into behavior patterns, and just made it about purchasing.