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ch15 - BARGAINING NEGOTIATION Chapter 15 slide 1...

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BARGAINING & NEGOTIATION Negotiation is the back and forth communication between two or more parties designed to reach an agreement. Negotiation Advice . A purely one-sided approach stresses how to get what you want. Two-sided advice stresses the possibility of mutual benefit. An ideal agreement should be efficient (get the most out for each side), equitable (balance interests of both sides), and stable (support an ongoing relationship). The economic approach to negotiation emphasizes how underlying interests affect the course and outcome of negotiations, as well as bargaining tactics. Chapter 15 slide 1
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NEGOTIATION BASICS Economic Propositions 1. The source of all negotiations is mutual gain , to forge an agreement that is better for both sides than a disagreement. 2. Reaching a good agreement begins with assessing one’s disagreement options. These options set the terms of a minimally acceptable agreement. 15.2 3. The other side’s value for a transaction -- since it sets a
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