Document Type

Article

Publication Title

Ohio State Journal on Dispute Resolution

Publication Date

2006

ISSN

1046-4344

Page Number

597

Keywords

negotiation, decision making, heuristics, anchoring, settlement

Disciplines

Dispute Resolution and Arbitration | Law

Abstract

In this article, we conduct a meta-analysis of studies of simulated negotiations to explore the impact of an initial "anchor," typically an opening demand or offer, on negotiation outcomes. We find that anchoring has a significant impact on the deals that negotiators reach. We also explore whether negotiator experience and the information environment mitigate the influence of anchoring. We conclude by offering prescriptive advice, both "offensive" and "defensive," to negotiators.

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