Subject category:
Case Method and Specialist Management Disciplines
Published by:
Harvard Business Publishing
Version: 27 December 1996
Length: 8 pages
Topics:
Negotiation
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Abstract
Two psychological traps, anchoring and framing, and their role in negotiation are described. The anchoring section describes how first or opening offers can be used effectively in negotiation. Examines how opening offers serve as an anchor, changing one side's perception of the other side's bottom line and hence the set of possible outcomes. The framing section describes how framing - alternative description of an object, event, or situation - can be used effectively in negotiation. Uses a real-estate dialogue to illustrate three common varieties of framing: losses versus gains, short and long horizons, and aggregation and segregation.
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Abstract
Two psychological traps, anchoring and framing, and their role in negotiation are described. The anchoring section describes how first or opening offers can be used effectively in negotiation. Examines how opening offers serve as an anchor, changing one side's perception of the other side's bottom line and hence the set of possible outcomes. The framing section describes how framing - alternative description of an object, event, or situation - can be used effectively in negotiation. Uses a real-estate dialogue to illustrate three common varieties of framing: losses versus gains, short and long horizons, and aggregation and segregation.
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