Price Anchoring

Biological Parallel

Salmon imprint on their natal stream's unique chemical signature within days of hatching, creating an olfactory anchor that persists for years. When mature salmon migrate thousands of kilometers across the ocean, they navigate back to spawn in the precise stream where they were born, ignoring objectively superior habitats. This natal philopatry demonstrates how an initial reference point—set in the first days of life—anchors all future location valuations, even when alternatives offer better resources, fewer predators, or less competition. The first price you see becomes the standard against which all others are judged.