Anchoring, Information, Expertise, and Negotiation: New Insights from Meta-Analysis
Vanderbilt University - Law School
Morgan, Lewis & Bockius, L.L.P.
Ohio State Journal on Dispute Resolution, 2006
Vanderbilt Law and Economics Research Paper No. 06-12
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
Date posted: May 4, 2006