On a recent episode of The Price Is Right, the first item up for bid was an iPhone 6 and a year phone & data plan. So, how much would that cost? Let's see, at first guess, an iPhone would be about $500, and then let's guess they're giving them a good plan, so $100 a month, times 12 is $1,200. So let's say $1,700. If I was on The Price Is Right, I wouldn't want to risk going over, so I'd say $1,550.
The first contestant —who has a name I can't completely read and it sounds like Drew Carey says "Perkinisha" — bids $7,500. For an iPhone with a plan!
So, count her out. The second contestant, Mark, falling headfirst into the anchoring bias, says $7,501.
You can tell the next two people actually thought about it for a second before giving their answers.
The actual retail price? $1,969. Which still seems a bit high, but based on my original estimate, I won't argue too much.