Opening offers have a strong effect in price negotiations. The first offer typically serves as an anchor that strongly influences the discussion that follows. In research documenting price anchoring, psychologists Daniel Kahneman and Amos Tversky found that even random numbers can have a dramatic impact on people’s subsequent judgments and decisions.
… Read Price Anchoring 101
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anchoring negotiation
An anchor in negotiation involves "naming your price" or fixing your negotiating position through declaration of goals that may or may not be readily apparent to your counterpart. Anchoring has the effect of shifting the negotiation away from a collaborative process to one of haggling.
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Preparing for Negotiation
Understanding how to arrange the meeting space is a key aspect of preparing for negotiation. In this video, Professor Guhan Subramanian discusses a real world example of how seating arrangements can influence a negotiator’s success. This discussion was held at the 3 day executive education workshop for senior executives at the Program on Negotiation at Harvard Law School.
Guhan Subramanian is the Professor of Law and Business at the Harvard Law School and Professor of Business Law at the Harvard Business School.
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