Negotiation
Read the following article and answer the questions below:
Bazerman, M. H. Beware Your Counterpart’s Biases Retrieved from: Harvard Business Publishing Newsletters ( see attach file)
In 2 pages:
- Define biases and provide examples of common biases.
- Should you force the other party to make a quick decision in negotiation? Why or why not?
- When and why would you use a contingent agreement? (Be sure to define contingent agreement)
- As you saw in the article, sometimes parties or even people who are on our side provide us with inflated estimates or values for goods or property. How should you screen for this issue?
- Define competitive irrationality. How can you prevent or overcome this bias in a negotiation?
Answer preview
Biases are systematic and common errors in thinking, which have the potential to affect the decisions that people make or even harm their position when they are taking part in negotiations. Biases are deviations from rationality or what would be regarded as the norm during judgment. Biases lead people to make inferences about situations in a fashion that is illogical. Biases lead people to create their own reality without being rational in thinking…words 574