Ohio State Journal on Dispute Resolution
negotiation, decision making, heuristics, anchoring, settlement
Dispute Resolution and Arbitration | Law
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.
Chris Guthrie and Dan Orr,
Anchoring, Information, Expertise, and Negotiation: New Insights from Meta-Analysis, 21 Ohio State Journal on Dispute Resolution. 597
Available at: https://scholarship.law.vanderbilt.edu/faculty-publications/826