Too precise to pursue: How precise first offers create barriers-to-entry in negotiations and markets

•Precision not only creates strong anchors but also creates barriers-to-entry.•Seven studies found that precise (vs. round) prices reduce negotiation entry.•The precision-barrier effect is driven by social attributions of inflexibility.•The precision mechanism is distinct from the extremity barrier mechanism (offense)•We offer a model that integrates research on anchor precision and anchor extremity.