Show your highest-value option first, because the first number sets the scale
Updated: Oct 11
A random number changed what people would pay.
The study. Researchers from MIT and Carnegie Mellon asked MBA students to write the last two digits of their social security number. Then the students bid for real products, such as wine and a keyboard.
The finding. Students with numbers in the top 20% bid 216% to 346% more than students with numbers in the bottom 20%. A random number changed the price that people would pay.
Why it matters. Most buyers do not know the exact value of a product. So they use the first number that they see as a reference. If a random number can do this, your first price can do it too.
The takeaway. Show the most complete option or the full value first. Then show the other options.
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