Using Behavioral Economics in Settlement Negotiations
Most negotiators believe they make decisions based on facts. In reality, people make decisions based on how they perceive facts. That distinction matters. For all their complexity and technical sophistication, settlement negotiations are rarely driven by pure economic analysis. Human beings evaluate risk through a series of cognitive shortcuts and biases that influence how they receive information, assess proposals, and weigh alternatives. Behavioral economists have spent decades identifying these tendencies. Their work has transformed fields ranging from marketing and public policy to finance and litigation strategy. ….[READ]
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