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agent theory

In principal-agent theory, the principal delegates her will to the agent in order that the agent can effectively fulfill the wishes of the principal. Problems arise when the agent misunderstands the principal or seeks to subvert the principal’s wishes. Three ways in which agents may differ from their principals. First, the agents may have different preferences from their principal, such as willingness to work. Second, agents may have different incentives from the principal. Agents may have a different stake in the outcome or may receive different rewards than the principal. Third, agents may have information that is unavailable to the principal, or vice versa. These types of divergences may give rise to problems relating to monitoring, incentives, coordination, and strategy. (Michael L. Moffitt and Robert C. Bordone, eds., Handbook of Dispute Resolution [Program on Negotiation/Jossey-Bass, 2005], 190). See Also: Do You Need a Broker?.

The following items are tagged agent theory:

Communicate Your Interests Behind the Deal

Posted by & filed under Mediation.

As integrative negotiations students know well, focusing on interests in negotiation has proven to be the most reliable way to create value and resolve conflicts. Experience indicates that communicating with your lawyers the motivations behind a deal or negotiated agreement is well worth the time. … Read More 

Negotiation Strategies: Seek Advice from Others When Negotiating

Posted by & filed under Uncategorized.

Negotiation skills in business communication and seeking advice from others, what are the potential benefits? Advice seeking inherently employs multiple self-presentation tactics (including ingratiation, self-promotion, and supplication), it allows us to improve both our competence and our likability. … Read More 

How to Balance Your Own Values in Negotiation

Posted by & filed under Business Negotiations.

What are the best negotiation examples from real life? Imagine that you’ve been negotiating the sale of a property that is owned by your company. The buyer has made an attractive offer that you’ve tentatively accepted. Your boss is pleased with the terms as they stand, but suggests that you go back to the buyer … Read More 

The Impact of Anxiety and Emotions on Negotiations: How to Avoid Misjudgment in Negotiation Scenarios

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Intense negotiation scenarios, we often choose to consult an expert for advice, preferably someone who has carried out hundreds of similar deals with great success. When we consult with others on our negotiations, we must weigh their advice against our own opinions and research. Past negotiation research finds that we tend to undervalue advice from … Read More 

How to Control Your Emotions in Conflict Resolution

Posted by & filed under Conflict Resolution.

To guard against acting irrationally or in ways that can harm you, authors of Beyond Reason: Using Emotions As You Negotiate Roger Fisher and Daniel Shapiro advise you to take your emotional temperature during a negotiation. Specifically, try to gauge whether your emotions are manageable, starting to heat up, or threatening to boil over. … Read More 

What Does Conflict Management Mean in Business Negotiations with Competitors?

Posted by & filed under Conflict Resolution.

They say it pays to keep your friends close and your enemies closer, but in business negotiation, keeping your enemies—or competitors—close could end you up in court, as Apple’s recent encounter with the U.S. Department of Justice suggests. The story begins back in 2007 when, unhappy with Amazon’s low, flat price of $9.99 for e-books, five … Read More