An attempt to establish an initial position around which negotiators will make adjustments. (Richard Luecke, Harvard Business Essentials: Negotiation [Harvard Business Press, 2003], 49)
The following items are tagged anchoring.
The PON Clearinghouse offers hundreds of role simulations, from two-party, single-issue negotiations to complex multi-party exercises. Ocean Splash is a two-party, two-issue scoreable negotiation between a charity and a corporate sponsor regarding the number and placement of advertising banners at a fundraising walk.
SCENARIO: The U.S. Cancer Association (USCA) chapter in Sixton City is organizing its
The PON Clearinghouse offers hundreds of role simulations, from two-party, single-issue negotiations to complex multi-party exercises. Negotiating Budget Cuts at Newtowne Hospital is a six-person negotiation among hospital administration and employee representatives to reach consensus on budget cuts in three departments.
SCENARIO:
Dr. Van Hagen, a distinguished heart surgeon, will soon join the staff at Newtowne Hospital,
Adapted from “Anchors or Trial Balloons?”, first published in the Negotiation newsletter.
The power of anchors in negotiation has been demonstrated time and again. Sellers who demand more tend to get more. Indeed, the initial asking price is usually the best predictor of the final agreement.
A trio of researchers may have found an important exception
Articles in Negotiation have highlighted many of the cognitive biases likely to confront negotiators. Work by researchers Russell B. Korobkin of UCLA and Chris P. Guthrie of Vanderbilt University suggests how to turn knowledge of four specific biases into tools of persuasion.
Should you make the first offer? Few questions related to negotiation have yielded more attention and debate. The conventional wisdom among some: Don’t make the first offer, or risk “showing your cards” and perhaps unknowingly giving away some of the bargaining zone.
Adapted from “Should You Make the First Offer?” by Adam D. Galinsky (Professor, Northwestern University). First published in Negotiation Newsletter.
Whether negotiators are bidding on a firm, seeking agreement on a compensation package, or bargaining over a used car, someone has to make the first offer. Should it be you, or should you wait to
For Better or Worse: How Relationships Affect Negotiations. Connections influence everything from our choice of negotiating partners to our interpretation of offers
Do the Numbers Get in Your Way? It’s easier to work with concrete items – things we can measure. But succumbing to this bias can result in bad tradeoffs
When Life Gives You Lemons:
Too Much of a Good Thing? The Role of Choice in Negotiation: Too many choices on the table can hamper agreement, but you still need enough options to allow for creative solutions
What Gets Lost in Translation: Even when negotiators on both sides of the table speak a common language, different cultural expectations can prevent
Should you Make the First Offer? According to conventional wisdom, no. But new research on the anchoring effect suggests that the best strategy is often to speak up first
When a Contract Isn’t Enough: How to be Sure Your Agent Gets You the Best Deal. Negotiation is often handled by an agent. Here’s some advice on
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