Wednesday, February 24, 2016

Anchoring

With the Czech Republic having its own currency, the Korona, the first thing I had to do was take money out of an ATM.  I had been working out on the plane over how much I might need (not knowing quite how much things cost).  Awkwardly there are 35K to £1, which is not the most natural calculation to do.  Therefore, on the plane over I was working out how much cash to take out of the ATM at the airport, and what it would be in Korona.  On arrival I then went to the ATM, only to find totally different numbers to that which I expected.  Usually on an ATM, you expect some small denominations, and then a couple of larger amounts (e.g. in the UK it might go £10, £20, £50, £100, £200).  Here, the numbers were all a lot higher than I expected, and very odd amounts, making me think that maybe I had done my sums wrong.  It was only be selecting an amount, and it trying to pitch dynamic currency conversion at me, that made me realise that my instinct was correct and that I did need one of the smaller amounts on the machine, not one of the biggest.  However, so anchored was I to the expectation that it would be one of the larger amounts I nearly ended up with far more Korona than I could ever spend (in what is a relatively reasonable place to buy things!)

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