Laurie R. Santos & Tamar Gendler: Knowing is Half the Battle
The irony is that knowing that the G.I. Joe Fallacy is a fallacy is—as the fallacy would predict—less than half the battle. As is knowing that people tend to experience $19.99 as a significantly lower price than $20.00. Even if you know about this left-digit anchoring effect, the first item will still feel like a…