“What is Your Best Price?”—An Experimental Study of an Alternative Negotiation Opening

Abstract

Much attention has been devoted to the “first offer” in negotiation research. Rightly so, as strong empirical evidence shows that the first offer has a significant impact on the negotiated outcome and, therefore, is a highly relevant topic for negotiation scholars and practitioners. Scholars typically recommend making the first offer. However, in the field, we have observed an alternative opening tactic—asking for the best price that the counterpart is willing to accept. This question represents a real alternative to making the first offer by initiating the discussion of specific settlement proposals, provided the counterpart answers the query. Does it, however, lead the other side to make a better offer? How does the question impact the economic and relational outcomes of the negotiation? Is it advisable to use this tactic in negotiations? We investigated these questions based on a controlled laboratory experiment, in which 227 dyads of cellphone buyers and sellers negotiated synchronously via a text chat. We found that the best‐price question has an impact on not only the first offer but also the negotiation outcome. When the buyers in our experiment asked the question, the results were not significantly different than those from negotiations in which they made the first offer. This effect was driven by the first offer in response to the question. Additionally, we found that the best‐price question did not negatively impact the relational outcome. Moreover, the effect was reduced when list price information was available. These findings suggest rethinking the traditional view of the offer‐counteroffer sequence and provide an alternative opening tactic to making the first offer in the context of high information asymmetry.

Heurística de Anclaje para Reducir el Consumo de Alcohol en Jóvenes: Aporte a las Políticas Públicas

“…Las primeras explicaciones de la heurística de anclaje sugieren que los valores de anclaje sirven como punto de referencia para que las personas ajusten su respuesta a un rango de valores posibles (Epley & Gilovich, 2001;Epley & Gilovich, 2010;Furnham, & Boo, 2011). Con base en este importante factor, varias investigaciones se han aplicado en diferentes variables que incluyen negociación (Lipp et al, 2023), valoración de bienes de consumo (Brzozowicz & Krawczyk, 2022;Green et al, 1998;Shan et al, 2020) y decisiones de compra (Fudenberg et al, 2012), demostrando que los/as consumidores/as cambian sus pagos de acuerdo con el anclaje. En general, cuando se presenta un producto, los/as consumidores/as son propensos/as a formar sus actitudes y realizar intenciones de compra según información accesible, como precios publicitarios (Shan et al, 2020).…”