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

33 Pages Posted: 4 May 2006  

Chris Guthrie

Vanderbilt University - Law School

Dan Orr

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

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.

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

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

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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