The sale of Vivendi Universal Entertainment in the summer of 2003 was one recent high-profile negotiauction.
auctions
A public sale in which goods or property are sold to the highest bidder.
The following items are tagged auctions.
Bargaining at a Fever Pitch: A Bold Bid
Have you ever won an auction only to realize later that you overbid for the prize? In competitive bidding situations, it’s easy to get carried away in the heat of the moment and overpay.
Anchor Trials or Balloons in Conflict Resolution
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 to this rule, however; lower starting numbers set by the seller in an auction can lead to higher ultimate prices. Professors Gillian Ku of the London Business School and Adam D. Galinsky and J. Keith Murnighan of Northwestern’s Kellogg School of Management found this result both in laboratory experiments and from data taken from online eBay auctions.
Blessing or Curse: The Right of Refusal
When transferring property, sellers sometimes insist on rights of first refusal – the chance to be first in line to repurchase the property if their buyer later decides to sell. Rights of first refusal can be obvious advantages if your financial circumstances later change. If you’re keeping adjoining land, you may wish to protect yourself against the risk of something unattractive being built next door.
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