33 Pages Posted: 4 May 2006
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.
Keywords: anchoring, heuristics and biases, negotiation, bargaining, settlement
Suggested Citation: 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: https://ssrn.com/abstract=900152