Negotiation Myths Myth

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The Mind and Heart of the Negotiator

Leigh L Thompson

Chapter 1: Essentials of Negotiations 1. Creating Value - Win-Win Negotiation 2. Claiming Value - Staying in Business! 3. Building Trust - Long-term sustainability Negotiations Sandtraps 1. Leaving Money on the table (Lose-Lose Negotiation) 2. Settling for too little (Winnerʼs Curse) 3. Walking away form the table 4. Settling for terms that are worse than the alternative (Agreement Bias) Why People are Ineffective Negotiators - Faulty Feedback - Satisficing - Self-reinforcing incompetence Negotiation Myths Myth 1: Negotiations are Fixed Sum Myth 2: You Need to be either Tough or Soft (Principled negotiator follow an ʻenlightenedʼ view of negotiation) Myth 3: Good Negotiators are Born Myth 4: Experience is a Great Teacher Myth 5: Good Negotiators Take Risks Myth 6: Good Negotiators Rely on Intution Chapter 2: Preparation - What t do before Negotiation 80% - Preparation + 20% Negotiation process Excellent Preparation encompasses 1. Self Assessment a. What Do I Want ? b. What is my Alternative to reaching agreement in this Situation ? c. Determine Your Reserve Point d. Be Aware of Focal Points e. Beware of Sunk Costs f. Do not confuse Target Point with your Reserve Point g. Identify the Issues in the Negotiations h. Identify the Alternatives to each issue i. Identify Equivalent Packages of Offers j. Assess You Risk Propensity k. Endowment Effects l. Am I Going to Regret This ? m.Violations of the Sure thing Principle n. Do I have an appropriate Level of Confidence

The Mind and Heart of the Negotiator

Leigh L Thompson

2. Assessment of the other party a. Who are the Other Parties ? b. Are the Parties Monolithic ? c. Issue Mix d. Otherʼs Interest and Position e. Other Negotiatorʼs BATNA 3. Assessment of the situation a. Is the Negotiation One Shot, Long Term or Representative b. Do the Negotiations involve scarce Resources, Ideologies or Both ? c. Is the Negotiation One of Necessity or Opportunity ? d.

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