Abstract

http://ssrn.com/abstract=900152
 
 

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Anchoring, Information, Expertise, and Negotiation: New Insights from Meta-Analysis


Chris Guthrie


Vanderbilt University - Law School

Dan Orr


Morgan, Lewis & Bockius, L.L.P.


Ohio State Journal on Dispute Resolution, 2006
Vanderbilt Law and Economics Research Paper No. 06-12

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.

Number of Pages in PDF File: 33

Keywords: anchoring, heuristics and biases, negotiation, bargaining, settlement

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Date posted: May 4, 2006  

Suggested Citation

Guthrie, Chris and Orr, Dan, Anchoring, Information, Expertise, and Negotiation: New Insights from Meta-Analysis. Ohio State Journal on Dispute Resolution, 2006; Vanderbilt Law and Economics Research Paper No. 06-12. Available at SSRN: http://ssrn.com/abstract=900152

Contact Information

Chris Guthrie (Contact Author)
Vanderbilt University - Law School ( email )
131 21st Avenue South
Nashville, TN 37203-1181
United States
615-322-6823 (Phone)
615-322-6631 (Fax)
Dan Orr
Morgan, Lewis & Bockius, L.L.P. ( email )
Princeton, NJ
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