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    Predicting the outcome of a two-party price negotiation: Contribution of reservation price, aspiration price and opening offer

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    Publication type
    Vlerick strategic journal article
    Author
    Buelens, Marc
    Van Poucke, Dirk
    Publication Year
    2002
    Journal
    Journal of Economic Psychology
    Publication Volume
    23
    Publication Issue
    1
    Publication Begin page
    67
    Publication End page
    76
    
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    Abstract
    Despite a long tradition in negotiation research, it is still not known to what extent it is possible to predict the result of a specific negotiation. Negotiation literature has remained unclear on the question of which reference point is most important. A total of 384 experienced managers participated in 192 simulated seller-buyer negotiations. More than 57% of the variance in negotiation outcome can be explained by 2 reference points, namely buyer's and seller's intended initial offer. The notion of offer zone, which is the difference between aspiration price and initial offer, is introduced. Offer zone has a significant and consistent influence on the negotiated outcome. Results from 106 participants in a replication study with a different no deal structure confirm findings.
    Keyword
    Decision Making
    Knowledge Domain/Industry
    People Management & Leadership
    URI
    http://hdl.handle.net/20.500.12127/785
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