By Peter Smith, Spend Matters UK

“Factors such as priming, anchoring and risk attitudes can play a serious role in how we behave in negotiations. Understanding these and other biases, fallacies and illogicalities can help us make sure that a clever negotiation opponent does not take advantage of us; and can help us use techniques appropriately to put ourselves in a better negotiation position.”

The work of nobel prize winning economist Dr Daniel Kahneman has revolutionised thinking about how people think, react to external stimuli, and ultimately, make decisions.

He won the Nobel Prize for showing that many economic theories were based on the false assumption that humans behave logically. But that fallacy underpins much business thinking, including negotiation theory, where we tend to assume that all parties will within reason behave rationally and logically. In this paper, we’ll explore how we behave during the negotiation process, including priming, anchoring and attitudes to risk.

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