Abstract

Behavioral decision making research on negotiation has obtained significant results but has not yet been able to provide a complete picture of the mechanisms underlying the definition, selection and usage of reference points, or to specify the processes responsible for the formulation and evaluation of the negotiators ’ offers. We present the results of an experiment, requiring a bargain between a human buyer and a computer-simulated seller, in which we were able to obtain both the notorious biases caused by the initial offer and the framing effect, and an adaptive behavior related to the availability of a discount. The effects of discount, initial offer and framing have been analyzed as a function of both the reference points and the anchors utilized by the participants in the different negotiation

Citations