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RE-NA-ME

Decision Making Biases That Hinders Negotiation

 

1. Irrational escalation of commitment ... tendency to continue a prior selected cause of action beyond a rational point ( don’t sink any more $, time, effort into it ).

 

2. The mythical Fixed Pie ... assumes one’s gain must come at someone else’s expense (loss)(zero-sum).

 

3.Anchoring & adjustments... tendency to give too much weight to Initial offer.

 

4. Framing negotiations... people tend to be overly affected by the way information is presented ( frame it from optimist’s position

i.e. glass is full; $2 raise).

 

5. Availability of Information ... over reliance on readily available information as opposed to what is reliable /relevant.

 

6. The winner’s curse...the regret one feels after closing a negotiation ( to avoid, gain as much info as possible & put yourself in opponent’s shoes).

 

7.Overconfidence ... the tendency of people to ignore contradictions to beliefs & expectations already held ( to counteract, seek qualified advisors/objectivity from neutral party).

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conflict negotiation and intergroup behavior