By Gregor Berz
This textual content bridges the gulf among theoretical financial rules of negotiation and public sale conception and their multifaceted purposes in genuine perform. it truly is meant to be a complement to the already present literature, as a entire selection of studies detailing stories and result of very diverse negotiations and auctions.
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Additional info for Game Theory Bargaining and Auction Strategies: Practical Examples from Internet Auctions to Investment Banking
This transaction may never be mentioned again. What is the purpose of this complex procedure? If a strict end of negotiations is not agreed upon in the case of non-intersecting prices, then an outlandish offer provides an advantage for both parties. The procedure is reduced to absurdity. Only a strict break off of negotiations when prices do not intersect causes both parties to consider their real indifference prices seriously when they submit their offers. If the prices do not intersect by only a slight margin, there is substantial temptation to reach an agreement anyway.
But to present a low documentation standard as a must-have was not possible against this background. The production plant had rejected a business relation in this respect on principle. As a result, the software company could not play negotiation judo with the topic of documentation standard and sell it for a lot of money. Another more far-reaching reason was that both sides were conscious of the importance and the motivation of the opponent with respect to this topic. Negotiation judo means to feign a must-have to your opponent in order to sell it for more than it is actually worth.
The supermarket presents you with a price ultimatum: Either you accept the price or you don’t. The character of the ultimatum game is that the price cannot be negotiated further. Consequently, you will not be able to find a willing listener in the supermarket manager if you want to negotiate the butter price, regardless of whether a discount law applies. What actually happens here? We learned that a bilateral price negotiation is always to be understood as dividing up a pie in pieces between the indifference prices of the seller and buyer.