The Objective Value of Subjective Value: A Multi-round Negotiation Study
Jared R. Curhan
Massachusetts Institute of Technology (MIT) - Sloan School of Management; Harvard University - General Management Unit
Hillary Anger Elfenbein
Washington University in St. Louis, Olin School of Business
University of Pennsylvania - The Wharton School
July 9, 2008
MIT Sloan Research Paper No. 4696-08
Journal of Applied Social Psychology, Forthcoming
A 2-round negotiation study provided evidence that positive feelings resulting from one negotiation can be economically rewarding in a second negotiation. Negotiators experiencing greater subjective value (SV) - that is, social, perceptual, and emotional outcomes from a negotiation - in Round 1 achieved greater individual and joint objective negotiation performance in Round 2, even with Round 1 economic outcomes controlled. Moreover, Round 1 SV predicted the desire to negotiate again with the same counterpart, whereas objective negotiation performance had no such association. Taken together, these results suggest that positive feelings, not just positive outcomes, can evoke future economic success.
Number of Pages in PDF File: 31
Keywords: negotiation, subjective value, objective value, economic outcomes, satisfaction, social psychological outcomes, relationships, attitudes, longitudinal, experiment
JEL Classification: C7, A13, C78, M1, M31working papers series
Date posted: March 17, 2007 ; Last revised: July 26, 2008
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