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Published: Jun 22 , 2017
Author: Stephen White

In his excellent book Homo Deus Yuval Harari describes an experiment conducted by Daniel Kahneman, who won the Nobel Prize in Economics in 2002. A group of volunteers were asked to take part in a ‘short’ experiment - they were to place one hand into a bowl of water at an exact 14C (cold enough to be quite unpleasant) for 60 seconds. The same group were also asked to take part in a ‘long’ experiment – to place their other hand in a bowl of water at 14C for 90 seconds. However, unknown to the volunteers, a small amount of warmer water was added to this bowl in the last 30 seconds which raised the temperature to a slightly warmer 15C. Some did the ‘short’ experiment first, others did the ‘long’ experiment first...

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Published: Jun 15 , 2017
Author: Alan Smith

Going in to negotiate with a party way bigger and in theory more powerful than you, can be a daunting experience. But before you hop onto the back foot and cower into the meeting, have a think about resetting your internal clock by thoughtfully estimating the power that you have, the source of this power and the way you use that power in the negotiation...

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Published: Jun 01 , 2017
Author: 

The dilemmas continue in Part 2: Do we make the first proposal or respond? Do we bluff or not? And how do we define a good deal? Propose or Respond This is a source of much debate among negotiators. There is a view that those who hesitate longest, win. Making the first proposal is seen as a sign of weakness. While this may be true in some isolated situations, there is a general view supported by academic research that making the first proposal provides a number of distinct advantages. Making the first proposal allows you to set the agenda for the negotiation. It also allows you to effectively anchor the negotiation at your most favored price point within the bargaining arena. So forget the image of the Mississippi riverboat gamblers waiting for the other party to break first and seize the initiative in the negotiation by making the first proposal.

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Warm Water

In his excellent book Homo Deus Yuval Harari describes an experiment conducted by Daniel Kahneman, who won the Nobel Prize in Economics in 2002. A group of volunteers were asked to take part in a ‘short’ experiment - they were to place one hand into a bowl of water at an exact 14C (cold enough to be quite unpleasant) for 60 seconds. The same group were also asked to take part in a ‘long’ experiment – to place their other hand in a bowl of water at 14C for 90 seconds. However, unknown to the volunteers, a small amount of warmer water was added to this bowl in the last 30 seconds which raised the temperature to a slightly warmer 15C. Some did the ‘short’ experiment first, others did the ‘long’ experiment first...

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