Article

Anchoring Precision or Precision in Anchoring? Exploring Precision in Negotiations

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Abstract

This symposium examines how precision and anchoring play a role in shaping negotiation strategies and outcomes. This symposium examines how precision plays a role in shaping negotiation strategies and outcomes. First, Loschelder and colleagues present a meta-analysis of the published and unpublished literature on the numeric precision effect, showing that precision does impact our judgment, but that the effect is significantly moderated by the judgment domain such as the context of the precise number, and the expertise level of the negotiator. Second, Lee and colleagues investigate how initial offer precision can create a barrier-to- entry in negotiations, demonstrating that precise offers constitute a double-edged sword: although they can help negotiators get a better deal during a negotiation, they can also prevent individuals from entering a negotiation at all by creating perceptions of inflexibility. Third, Dannals and colleagues investigate how precision in an initial offer impacts customers' likelihood of negotiating in the case of single-issue or multi-issue “package&x201D; deals as well as the degree of price anchoring that occurs during that negotiation. Finally, Daniels assesses how people use anchoring and other tactics in negotiations, and finds that individuals are more likely to use optimal influence strategies versus suboptimal influence strategies, while also being heavily inclined towards prosocial strategies. Overall, the symposium illustrates how the role of precision in negotiation is an exceptionally nuanced issue. It is critical that we understand when and how precision is harmful versus helpful before it is applied in practice.

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