Read the following article and answer the questions below:
Bazerman, M. H. Beware Your Counterpart’s Biases Retrieved from: Harvard Business Publishing Newsletters
https://content.learntoday.info/eq/b404c/week_03/B404c_Beware_Biases.pdf – website to article
In 2-3 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?