Imagine that at the beginning of class, a professor produces a jar full of coins and announces that he is auctioning it off. Students can write down a bid, he explains, and the highest bidder wins the contents of the jar in exchange for his or her bid.
WATNA
Worst Alternative to a Negotiated Agreement: In a negotiation, your WATNA represents one of several paths that you can follow if a resolution cannot be reached. Like its BATNA counterpart, understanding your WATNA is one alternative you can use to compare against your other options along alternative paths in order to make more informed decisions at the bargaining table.
The following items are tagged WATNA.
Dealing with Differences in Attitudes Towards Risk
Even when parties at the negotiating table have the same interests, they may disagree on the amount of risk they are willing to take.
Does Your Company Have to Negotiate with a Giant that Dominates Your Business Market?
Individuals in this position often feel as though they have few if any options. In his February 2006 article in Negotiation newsletter, “Negotiating with a 900-Pound Gorilla,” MIT Professor Lawrence Susskind offers strategies for how negotiators in a weak position should deal with a seemingly all-powerful opponent.
The Value of Making Several Offers in Business Negotiations
What’s the right number of options to put forward in financial negotiations? In their April 2005 article in the Negotiation newsletter, “Putting More on the Table: How Making Multiple Offers Can Increase the Final Value of the Deal,” Northwestern professors Victoria Husted Medvec and Adam D. Galinsky write that issuing three equivalent offers simultaneously can be a good strategy in financial negotiations.
Concealed information in Business Negotiations
The Clearinghouse at PON offers hundreds of role simulations, from two-party, single-issue negotiations to complex multi-party exercises. The following role simulation explores client/attorney relationships and the complexity of information exchange.
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BATNA
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