1.1: What is Negotiation?
In these lecture notes, Mary Rowe describes various opportunities for negotiation, specific strategies you can employ to create effective outcomes for you and others, and questions to consider when preparing for a negotiation. Before read, attempt the thought exercises on pages 2–6 and record your responses. Don't worry if some of the terms are unfamiliar; we will discuss them later in this course.
Study this section to learn about the factors that can negatively affect our decision-making. After decades of study, researchers Daniel Kahnemann and Amos Tversky found that in decision-making, individuals are influenced by overconfidence bias, hindsight bias, anchoring bias, framing bias, and escalation of commitment. Awareness of these decision-making traps can help us avoid them.
Read this section to learn the five phases of negotiations and strategic advice to plan for effective outcomes. This section describes how to avoid some common mistakes made during the negotiations.