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4.3 - Coggle Diagram
4.3
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Non-rational Escalation of Commitment in Negotiation
(Bazerman & Neale, 1992)
Humans tend to behave in ways that are not consistent with their own self-interest by non-rationally escalating their commitment to a previous course of action.
Sometimes, accepting defeat is better than escalating commitment to save face.
Misdirected persistence could lead to wasting time, resources, energy and money (Tyler and Hastie, 1991)
Rational negotiation recognizes the time, energy and expenses already invested as 'Sunk Cost'
Sunk cost is historical and already existed, meaning it is NOT recoverable and should not be considered in any future course of action
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Framing in Negotiation
(Katie Shonk, 2022)
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First Offers as Anchors
(Galinsky & Mussweiler, 2001)