Although forecasting errors are extremely common, you can minimize their impact on your negotiations by following these three guidelines.
reservation price
The following items are tagged reservation price.
Expectations and Self-Fulfilling Prophecies
When you expect people to be competitive, it’s not only your own behavior that changes.
You also set up a self-fulfilling prophecy, such that your expectations about the other side’s behavior lead him to behave in ways that confirm your expectations.
Protecting Yourself from Competitive Expectations
Like other cognitive biases, competitive expectations can be insidious. Fortunately, there are several steps you can take to forestall their negative consequences.
Are You an Overconfident Negotiator?
In 1901, J.P. Morgan wanted to buy the Carnegie Steel Company from its founder, Andrew Carnegie.
Carnegie was 65 years old and considering retirement. As Harold C. Livesay recounts in his book Andrew Carnegie and the Rise of Big Business (Little, Brown, 1975), when Carnegie finally decided he was ready to sell, he jotted down his estimate of his company’s worth in pencil: $480 million. Carnegie had the sheet of paper delivered to Morgan, who took one look and said, “I accept this price.”
Negotiating with Your Agent
Toby knew that Dara was the perfect New York literary agent for him as soon as he heard her friendly, professional voice on the phone. Never mind that 17 other agents had already rejected his book proposal. Dara’s enthusiasm and recent sales convinced him to sign the three-year exclusive contract she mailed to him in Atlanta.
How Much Should You Share?
Adapted from “Know When to Show Your Hand,” by Carrie Menkel-Meadow (professor, Georgetown University Law Center), first published in the Negotiation newsletter.
Suppose that two entrepreneurs, a marketing expert and an IT specialist, are thinking about merging their consulting firms to create a greater synergy of services. As their talks unfold, each wonders how much information
Advertising at a charity walk
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
Budget turmoil inside a hospital
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,
The drawbacks of goals
Adapted from “Aim High, Improve Negotiation Results,” by Maurice E. Schweitzer (professor, University of Pennsylvania), first published in the Negotiation newsletter.
Goal setting affects performance. In a review of goal-setting research, scholars Deborah Zetik and Alice Stuhlmacher of DePaul University found that when negotiators set specific, challenging goals, they consistently outperform those who set lower or
So You Want to Buy a Car?
How can you negotiate the best possible price for a new car? This is a common negotiation question, and naturally so. A car is one of the most significant purchases you’ll ever make—and the price is almost always negotiable. Here are a few tips to improve your performance:
New Summer Programs
Taught by world-renowned professors, distinguished thought leaders and best-selling authors.
Stay Connected to PON
Articles & Insights
BATNA
- Business Negotiations
- Conflict Management
- Conflict Resolution
- Conflict Resolution and Negotiation Across Cultures
- “Confronting Evil” Panel Videos Now Available Online
- Conflict Resolution Lessons from the Home: How Conflict Management Skills Transform Discord Into Harmony
- Working with Your Agent – and Someone Else’s – In Negotiation
- Confronting Evil: Interdisciplinary Perspectives Conference underway
- Crisis Negotiations
- PON co-sponsored conference addresses the challenges of “Confronting Evil”
- Finding the Right Process in India
- The Fiscal Cliff and the Debt Ceiling: Program on Negotiation Chair Robert Mnookin Discusses Recent and Future Negotiations Between Congressional Republicans and the White House
- Robert Mnookin Joins Panel to Discuss the Fiscal Cliff Negotiations on NPR’s Forum
- BATNA for the Holidays? Program on Negotiation Co-Founders Bruce Patton and William Ury Discuss the ‘Fiscal Cliff’ with NPR
- Dealmaking
- Dispute Resolution
- International Negotiation
- Tips for Navigating Negotiations in China
- Negotiating in China: The Gold Rush Mentality
- PON panel discusses Track II Negotiations, Islands of Coordination and Unilateral Moves in the New Middle East
- Complexity Personified: International Standards Negotiations from a Microsoft Manager’s Perspective
- An International Negotiation for an All-American Brand
- Mediation
- Mediating Tragedy: Managing the Boston Victim’s Compensation Fund
- What’s Wrong with Traditional Arbitration?
- Hiring a Mediator: A Checklist
- Social Perceptions at the Crossroads: Why Sex (Still) Impacts the Perception and Evaluation of Other Status-Linked Identities
- Dispute Resolution Using Online Mediation
- Meeting Facilitation
- Negotiation Skills
- Negotiation Training
- Register Now for the Program on Negotiation’s Negotiation and Dispute Resolution Seminar!
- Negotiate Relationships
- Negotiation Training: What’s Special About Technology Negotiations?
- For Better Negotiation Training, Study the U.S. Government’s Mistakes
- Negotiating for Continuous Improvement: Use a Negotiation Preparation Worksheet
- Pedagogy
- Sales Negotiations
- Win Win
- Women and Negotiation