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Re:When negotiating a price, never bid with a round number (... by Loic on Friday May 06, 2022 @09:10AM (#31284682)
You have exactly the same effect in play if somebody calls you and ask how long it takes for you to arrive to a meeting point. If you answer 10 minutes, it will be seen as an approximation between 10 and 20 minutes. If you answer 8 minutes, it will be considered as 8 +/- 1 minute.

This is really impressive, this works each time. Especially if you are on ski slopes and you have two groups trying to meet at a given point. 10 minutes == "We can do another run or two". 8 minutes == "We need to pay attention, they are coming right now!"

Re:When negotiating a price, never bid with a round number (... by Terretta on Friday May 06, 2022 @03:20PM (#31288767)
Per U.S. Census data, relatively few people have a commute in the 5 minute block from 25 to 30 minutes. Only 20-25, and 30-35. The data shows a very clear valley in the 25-30 block.

Suggests people think of their commute as 20 plus a few minutes but rounding down optimistically, or think of it as almost 30 minutes rounding up angrily, never think of it as 27 minutes.

No writeup of the commute data has mentioned this phenomenon, which I suspect was exactly the same thinking you describe.

Re:When negotiating a price, never bid with a round number (... by btilly on Friday May 06, 2022 @04:05PM (#31289144)
Do you have a link to this data?
Re:When negotiating a price, never bid with a round number (... by Terretta on Friday May 06, 2022 @08:02PM (#31290859)
Certainly. See page 3, top right, “Table 1: Travel Time to Work 2019”

https://www.census.gov/content/dam/Census/library/publicatio...

    15 to 19 minutes . . . 14.9%
    20 to 24 minutes . . . 14.1%
    25 to 29 minutes . . .  6.6%
    30 to 34 minutes . . . 13.9%
And you can tell that after saying 30 mins, people next tended to say 45 mins.

// Noticed this while researching for a comment on HN a few weeks back.

Re:When negotiating a price, never bid with a round number (... by pavel_lishin on Friday May 06, 2022 @04:55PM (#31289527)
> If you answer 10 minutes, it will be seen as an approximation between 10 and 20 minutes. If you answer 8 minutes, it will be considered as 8 +/- 1 minute.

Unless you're talking to a child who has not yet internalized this distinction! My kid frequently asks exactly how much time has passed, and I sometimes have to explain that I don't mean five minutes literally, but figuratively.

Re:When negotiating a price, never bid with a round number (... by pontifk8r on Friday May 06, 2022 @07:40PM (#31290696)
child: "When will Daddy be home?" parent: "Any minute now..." child: "I choose THIS minute!!!!"
Re:When negotiating a price, never bid with a round number (... by gowld on Friday May 06, 2022 @12:09PM (#31286824)
Another good approach is to explicitly say what you mean: "5-10min", "10-15min", or "8-10min"
Re:When negotiating a price, never bid with a round number (... by TedDoesntTalk on Friday May 06, 2022 @12:21PM (#31286980)
Although your answer may be closer to the truth, this paper suggests using a fixed number not divisible by 1 or 5. So, for example, 6 minutes and 23 seconds.
Re:When negotiating a price, never bid with a round number (... by Eduard on Friday May 06, 2022 @12:50PM (#31287311)
The paper doesn't make any claims regarding interval or ranges whatsoever, only single values.
Re:When negotiating a price, never bid with a round number (... by cwmoore on Friday May 06, 2022 @12:47PM (#31287286)
To replace that with saying 383.512 seconds would signal confidence in the time of a future event, but not in a speaker who is scheduling a meeting with another human.
Re:When negotiating a price, never bid with a round number (... by grogenaut on Friday May 06, 2022 @08:06PM (#31290884)
383.512 is divisible by one, the answer is 383.512 ... :)
Re:When negotiating a price, never bid with a round number (... by dr_orpheus on Friday May 06, 2022 @03:35PM (#31288900)
But its hard to extend this one to prices and bids. If you give a range of money, people will come back and say "but you said you could do it for [the lowest possible number you gave]"
Re:When negotiating a price, never bid with a round number (... by jdavis703 on Friday May 06, 2022 @05:55PM (#31289966)
The answer is to make it clear what the tradeoffs are. For example it could be more cash and less stock. Or lower price but longer lead time. Just offering a range without any other variables would be foolish, and complicated negotiations usually have more factors than just price.
Re:When negotiating a price, never bid with a round number (... by xarope on Friday May 06, 2022 @08:00PM (#31290840)
My german friend taught me this. Now I do exactly what you say, if it's an approximate, I say 5-10 mins. If I'm being more precise, I'll say 4 mins, 7 mins etc, which does exactly what you mention: it "suddenly" turns the approximation into a time critical event.
Re:When negotiating a price, never bid with a round number (... by osrec on Friday May 06, 2022 @12:01PM (#31286728)
That's a great example, with the arrival time estimates. I wonder whether this effect itself would diminish as more people get to know about it...
Re:When negotiating a price, never bid with a round number (... by mbreese on Friday May 06, 2022 @12:06PM (#31286794)
And yet, how often are prices at a store still quoted as $4.95? or $10.99? We all know what the psychology of pricing is, and yet it still persists. People are strange and illogical creatures.
Re:When negotiating a price, never bid with a round number (... by dymk on Friday May 06, 2022 @01:32PM (#31287768)
Those are "round" numbers by social convention, and our psychology rounds them down.
Re:When negotiating a price, never bid with a round number (... by iso1631 on Friday May 06, 2022 @03:18PM (#31288755)
I think I automatically round 10.99 to 10, 9.99 to 10, 4.95 to 5, etc.
Re:When negotiating a price, never bid with a round number (... by V-2 on Friday May 06, 2022 @04:22PM (#31289273)
The first case is bizarre to me, unless that's a typo
Re:When negotiating a price, never bid with a round number (... by robocat on Friday May 06, 2022 @08:31PM (#31291070)
> Bizarre

They just round more than you: I think your presumption that others should think like you is bizarre. Some people only round to 10 cents. If you are wealthy enough, you could easily round 10.99 to $0.

Re:When negotiating a price, never bid with a round number (... by V-2 on Monday May 09, 2022 @04:27AM (#31311799)
> I think your presumption that others should think like you is bizarre.

What I actually wrote was "bizarre to me", not just "bizarre" (as in your quote), so I don't think it's fair to say that my comment conveyed such presumption

Re:When negotiating a price, never bid with a round number (... by kingofpandora on Friday May 06, 2022 @11:40PM (#31291973)
I think it just proves that x.99 pricing works. It tripped up the poster who was trying to claim they mentally round up.
Re:When negotiating a price, never bid with a round number (... by iso1631 on Monday May 09, 2022 @01:07PM (#31316745)
Which poster was claiming that?
Re:When negotiating a price, never bid with a round number (... by iso1631 on Monday May 09, 2022 @01:07PM (#31316732)
No it's not, 10.99 for some reason works for me
Re:When negotiating a price, never bid with a round number (... by dvtrn on Friday May 06, 2022 @01:25PM (#31287707)
Keeping with the arrival time estimate, and I’m not sure if this answers your question

But I live in a very dense city (Chicago), it’s become almost “set your watch to it” reliable that not only are estimates more reliable from friends who live here when they say “I’ll be there in 8 minutes”, they’re also seemingly more likely to offer such a precise estimate because they know the area, light timings, and traffic patterns and that certain kind of behavior found among drivers in this city.

Compared to when I have friends from out of town renting a car they’ll tell me “GPS says we’ll be there in 10 minutes” I instinctively add another 10 and it’s never failed that they’ll show up and go “that was a long 10 minutes!” And I just smile.

Re:When negotiating a price, never bid with a round number (... by hinkley on Friday May 06, 2022 @02:57PM (#31288598)
I lived in a part of town that was in the process of infill so a lot of people “knew” it without really knowing it.

It was practically a given that the first time someone visited they would arrive 15-20 minutes later than they estimated. It seemed like an area without a lot of traffic but it was in that uncanny valley where there’s enough traffic where you catch a lot of lights, and you aren’t turning right on red because there are people in front of you, and you may or may not make the left turn light on the first cycle.

Also the whole city is so tuned for one direction of traffic that it takes longer to go across the narrow dimension than the long one.

There was a movie theater that I found I could reliably get to faster on a Friday evening if I drove five blocks past it and doubled back, the lights were that screwed up. 15 blocks faster than 5.

Re:When negotiating a price, never bid with a round number (... by subroutine on Friday May 06, 2022 @07:36PM (#31290657)
In San Diego we just use a blanket "be there in 20 minutes" no matter where you are going.
Re:When negotiating a price, never bid with a round number (... by jhgb on Friday May 06, 2022 @05:34PM (#31289828)
...or knew about octal numbers. (Does it even work on old Unix people?)
Re:When negotiating a price, never bid with a round number (... by m463 on Friday May 06, 2022 @08:08PM (#31290902)
"ETA 27 minutes plus a few minutes to park"