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The Objective Value of Subjective Value: A Multi-round Negotiation StudyJared R. CurhanMassachusetts Institute of Technology (MIT) - Sloan School of Management; Harvard University - General Management Unit Hillary Anger ElfenbeinWashington University in St. Louis, Olin School of Business Noah EisenkraftUniversity of Pennsylvania - The Wharton School July 9, 2008 MIT Sloan Research Paper No. 4696-08 Journal of Applied Social Psychology, Forthcoming Abstract: 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, M31 working papers seriesDate posted: March 17, 2007 ; Last revised: July 26, 2008Suggested CitationContact Information
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