Batten down the anchors: Responding to another negotiator’s first offer

Batten down the anchors: Responding to another negotiator’s first offer

Drawing from a wealth of negotiation research, my previous installment of Negotiating Life advised negotiators to make the first offer if they can. But sometimes they can’t. Sometimes, despite a negotiator’s best efforts, the other side moves first. In this article, I provide a framework for respond...

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Bibliographic Details
Published in:Business horizons Vol. 60; no. 4; pp. 431 - 434
Main Author: Gunia, Brian C.
Format: Journal Article
Language:English
Published: Elsevier Inc 01-07-2017
Subjects:
Anchoring
Anchoring bias
Counteroffer
First-offer effect
Negotiation strategy
Negotiation strategy
Counteroffer
First-offer effect
Anchoring bias
Anchoring
Online Access:Get full text
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Summary:Drawing from a wealth of negotiation research, my previous installment of Negotiating Life advised negotiators to make the first offer if they can. But sometimes they can’t. Sometimes, despite a negotiator’s best efforts, the other side moves first. In this article, I provide a framework for responding to another negotiator’s first offer, suggesting that the appropriate response varies markedly depending on the quality of the offer. This provides a more comprehensive strategy for making and managing early offers in a negotiation.
ISSN:0007-6813
1873-6068
DOI:10.1016/j.bushor.2017.03.013