Investigation of the Anchoring Effect and its Occurrence Mechanism in LLM-driven Price Negotiation Simulation

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Key Points

This research aims to explore the anchoring effect in price negotiations simulated by two LLMs—seller and buyer.
Evaluated price negotiation simulations with instructed anchoring effects on seller LLMs.
Utilized objective and subjective indicators to assess negotiation outcomes.
Analyzed attention patterns in LLM dialogue histories during simulations.
Seller LLMs demonstrated susceptibility to the anchoring effect, similar to human behavior.
Buyers utilizing a reasoning model or being informed of the seller's strategy mitigated anchoring impacts.
No correlation was found between assigned traits to the LLMs and their vulnerability to the anchoring effect.

Investigates anchoring effect in price negotiation using LLMs, suggesting implications for human-like decision-making.

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Takenami et al. (2026) studied this question.

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