What is the best way to start a negotiation about money: by offering a round sum, like $10, or a more precise one, like $10.20?
Many people gravitate toward the former. But is this actually the most effective way to get what you want? Petri Hukkanen of the Boston Consulting Group and I tested this question in an environment with a lot of money at stake: initial offers to acquire the majority of the shares of publicly traded U.S. companies. Analyzing a sample of nearly 2,000 cash offers by U.S. acquirers over three decades, we found that bidders tend to make round offers — much rounder than the prices at which stocks trade on the market. About half of all initial bids were made in increments of one dollar, such as $13 or $28 per share, and 14% in increments of $5, such as $10 or $25 per share. Only one-sixth of the bids were not made in increments of a quarter.
Read more [HERE].
Whether it's your salary or your cable bill, a lot of life is up for negotiation.
Fortunately for you, there are plenty of psychological tricks that can help you get what you want — especially when you start out as the person with less power.
Here, we rounded up some of the most practical and creative science-backed negotiating strategies.
Is the negotiation one-shot or long-term?
In "The Mind and the Heart of the Negotiator," Kellogg management professor Leigh Thompson notes that the interaction between a customer and the waitstaff at a highway roadside diner is one of the few one-shot negotiations that happen in life — there's little chance that patron or staff will see each other again.
But every other negotiation is long-term, with employment negotiations as a primary example. If it's long-term, you need to manage not only monetary value, but the impression you're making.
Read more here from BusinessInsider.com [HERE].
Apalachin, NY (WBNG Binghamton) Binghamton Community and Schools Together (BCAST) hosted a special training seminar on Thursday-- helping students develop conflict resolution skills which can be useful in the classroom and at home.
Students at Broome-Tioga BOCES West Learning Center received training on how to resolve and restore trust among those involved in conflict in a calm manner. A mainstay in juvenile justice settings, the training looks to help people not ostracize others, making it less likely for the offender from causing more conflicts.
"It's teaching you how to get out of conflict instead of getting more involved in conflict," said Kyle Jefferson, a student at West Learning Center. "It's very important. Conflict does not help anything, really. I'd rather stay out of conflict than be in conflict.
Skills taught during the seminar-- like teamwork, searching options, and respecting opinions-- are not often taught in classrooms, according to restorative justice trainer Duke Fisher.
Read more from WBNG.com [HERE].
Today, the European Commission launched a new platform to help consumers and traders solve online disputes over a purchase made online.
The Online Dispute Resolution (ODR) platform offers a single point of entry that allows EU consumers and traders to settle their disputes for both domestic and cross-border online purchases. This is done by channeling the disputes to national Alternative Dispute Resolution (ADR) bodies that are connected to the platform and have been selected by the Member States according to quality criteria and notified to the Commission.
Read more [HERE].
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