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Remember that individuals negotiate deals. It’s critical to understand the incentives of the individuals who are doing the negotiating.
Anchoring too aggressively. If you make a first offer way outside of the ZOPA, you may have to make large concessions to reach a deal or walk away even though a zone of possible agreement exists.
Anchoring too conservatively. You unknowingly give away a big chunk of the ZOPA on your first move.
Use the midpoint rule to your advantage in the first offer itself. Think about where you want to end up and start with a counteroffer that gets you to that number as a midpoint.
Ask: What is the highest number that I can justify?
Differences in expectations about the future often create value in negotiations.
Contingency contracts have three major benefits:
An auction is a mechanism in which the seller is a passive participant after the process has been set, and the primary source of competitive pressure arises from competition among buyers.
Negotiation is a mechanism in which the primary source of competitive pressure arises in across-the-table dynamics between buyer and seller.
Consider the following:
Open outcry auction: Bidders know the high bid at all times, and have the option of beating it.
Sealed bid auction: Bidders submit written bids and do not know what others bid, or (often) how many bidders there are before the winner is revealed.
There are four factors to consider here:
Winner’s curse: The feeling that you overpaid simply because you were the highest bidder.
Three factors fuel “competitive arousal:” intense rivalry among bidders, time pressure, and the presence of an audience.
Avoid this by:
Education officer at museum
All about negotiauctiong: The crossover between negotiation and auctioning.
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