Buelens, MarcVan Poucke, Dirk2017-12-022017-12-022002http://hdl.handle.net/20.500.12127/785Despite 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.enDecision MakingJournal of Economic Psychology3584135917830