Many negotiators understand the importance of estimating the other side’s reservation price—the worst deal he would accept from you. However, despite the fact that such estimates often are based on hints, clues, and speculation, negotiators are frequently overconfident that their estimates are accurate. … Read Check Your Confidence

Kathy, a serial entrepreneur, was negotiating the acquisition of a boutique software-development firm when a dispute arose regarding the valuation of one of the software firm’s assets. Specifically, the firm owned the rights to a technology patent of uncertain value. The firm’s owner argued that this patent was worth millions. Kathy agreed that the patent … Read When It Pays to Delay

What happened the last time you faced a new leadership opportunity? Whether you were called on to head a team, a task force, a unit, a division, or a company, chances are you negotiated the compensation and perquisites of the appointment—your salary, title, vacation, and bonus. But did you look beyond these basics and negotiate … Read More

Adapted from “Build Rapport—and a Better Deal,” by Janice Nadler, professor, School of Law, Northwestern University.

In negotiation, rapport is a powerful force that can promote mutually beneficial agreements. Negotiators who already have a good working relationship are fortunate to have rapport built into their interactions. Strangers, however—especially those whose communications are limited to telephone or … Read Go the extra mile

Adapted from “Wise Negotiators Know When to Say ‘I’m Sorry’” by Maurice E. Schweitzer, Associate Professor, the Wharton School at the University of Pennsylvania.

In negotiation, it’s unavoidable: sooner or later, you’ll do or say something that offends or hurts your counterpart. Whether or not the harm you cause is intentional, you’ll need to rebuild trust … Read How to say “I’m sorry”

Everyone has to negotiate with government sooner or later. Maybe you’re seeking a building permit for an addition on your house. Or a reduced tax penalty at the end of an IRS audit. Or permission from the state to open a charter school. Or a contract to sell software to the Defense Department. You may … Read More

The Program on Negotiation at Harvard Law School was saddened to learn of the death of Bruce Wasserstein, PON’s 2007 Great Negotiator. The Great Negotiator Award is  given to recognize an individual whose lifetime achievements in the field of negotiation and dispute resolution have had a significant and lasting impact. Wasserstein, Chairman and CEO of  … Read More

When it comes to offering and considering choices in a negotiation, the more the better, right? In fact, the presence of too many options may actually hamper people from coming to any agreement.

A study from the decision-making realm supports this conclusion. Draeger’s Market in Menlo Park, Calif., is renowned for its wide selection of gourmet … Read Dealing with choice overload

Reciprocation tactics are tried and true. Politicians “logroll” votes on pet projects, companies offer free product samples to consumers, and charitable organizations include small gifts when soliciting donations. According to the norm of reciprocity, if you’re nice to me, I’ll be nice in return, and vice versa.

In the realm of negotiation, you can gain many … Read Be sure to give at the office

Why should the people you’re supposed to lead follow you? If you believe that your charisma, your exalted office, or your vision is reason enough, you’re in trouble. … Read Is It in Their Interest to Follow You?

What would you do if someone threatened you? Strike back? Run away? Beg for mercy? Try to negotiate?

Last April, The New York Times in effect held a gun to the heads of Boston Globe employees – twice. The confrontation, say experts at the Harvard Program on Negotiation, offers valuable lessons in handling high-risk, high-stakes situations.

Background: … Read Tough Tactics: Do ‘Death Threats’ Really Work?