Question 1

Negotiators often give too much attention to the other party's ___________ and not to finding out their underlying interests.

Accepted Answer

positions.

Question 2

A player's ___________ ____________ is the minimum outcome that this player will require of a negotiated agreement.

Accepted Answer

reservation price

Question 3

What is the difference between a negotiating party's position and that party's interests?

Accepted Answer

positions are what parties demand from the other side,while interests are the motives behind these positions - what the parties really want.

Question 4

Game theory provides the most precise prescriptive advice to negotiators,on the condition that:
A)They do not lie.
B)All players are perfectly rational.
C)They focus on interests,and not on arguments.
D)They aware of their BATNAs.

Accepted Answer

Game theory assumes that all players are perfectly rational, making decisions based on maximizing their own utility. This rationality assumption is crucial for the predictive accuracy of game theory models in negotiation and strategic decision-making contexts.

Question 5

A negotiated agreement whose terms depend on some future (uncertain)event is known as a ______________ .

Accepted Answer

The answer of A negotiated agreement whose terms depend on...

Question 6

The best strategy in negotiation is to get the most important issue resolved in the beginning and then move on to less important issues.

Accepted Answer

The best strategy often involves understanding the priorities and interests of both parties, building rapport, and possibly saving key issues for later in the negotiation when both sides are more invested in reaching an agreement. Starting with less contentious issues can help establish a cooperative tone and build momentum towards resolving more significant issues.

Question 7

Contingent contracts can create value in the presence of what feature:
A)uncertain future outcomes.
B)a negative bargaining zone.
C)differences in the parties' time preferences.
D)differences in the parties' risk preferences.

Accepted Answer

Contingent contracts are designed to address uncertain future outcomes by specifying different terms based on different future events, thus creating value by managing uncertainty.

Question 8

Trust enables value creation through:
A)Creating contingent contracts.
B)Identifying the parties' interests.
C)Facilitating tradeoffs between issues of different relative importance.
D)Sharing information between the parties.

Accepted Answer

The answer of Trust enables value creation through:
A)Creating contingent contracts.
B)Identifying...

Question 9

Which of the following is not a key set of information in Raiffa's framework for approaching negotiations?
A)Each party's BATNA.
B)The relative importance of each party's interests.
C)Each party's known information about the other party's position.
D)Each party's set of interests.

Accepted Answer

Raiffa's framework for approaching negotiations includes identifying each party's BATNA (Best Alternative to a Negotiated Agreement), the relative importance of each party's interests, and each party's set of interests. However, knowing each party's known information about the other party's position is not necessarily a key set of information, although it may be helpful in reaching a successful negotiation.

Question 10

Knowing one's own reservation price is sufficient for making the decision of whether to accept or reject the final offer from the other party.

Accepted Answer

Knowing one's own reservation price allows them to determine if the final offer from the other party is acceptable or not. If the offer is higher than or equal to the reservation price, it should be accepted, and if it is lower than the reservation price, it should be rejected. Therefore, knowledge of the reservation price is sufficient for decision making in this scenario.

Question 11

Once a settlement has been achieved,it is wise not to re-open it,because going back to reconsider an issue can harm the mutual trust between the parties.

Accepted Answer

The answer of Once a settlement has been achieved,it is...

Question 12

Negotiators often are reluctant to give away information because they assume that:
A)Their information is too important.
B)It will anchor their final outcome.
C)Giving away information is giving away power.
D)If the other side does not ask questions,then their willingness to share information is equally low.

Accepted Answer

Negotiators often hold back information because they believe it gives them power in the negotiation. They may worry that if they share too much, they will lose some of their advantage. However, withholding information can also prevent both sides from reaching a mutually beneficial agreement. It is important for negotiators to find a balance between sharing enough information to facilitate the negotiation while also maintaining some amount of leverage.

Question 13

Negotiations that do not involve more than one issue involve are likely to focus on ____________ of value but not _____________ of value.

Accepted Answer

The answer of Negotiations that do not involve more than...

Quiz 10: Making Rational Decisions in Negotiations

Negotiators often give too much attention to the other party's ___________ and not to finding out their underlying interests.

A player's _ __ is the minimum outcome that this player will require of a negotiated agreement.

What is the difference between a negotiating party's position and that party's interests?

Game theory provides the most precise prescriptive advice to negotiators,on the condition that:

A negotiated agreement whose terms depend on some future (uncertain)event is known as a ______________ .

The best strategy in negotiation is to get the most important issue resolved in the beginning and then move on to less important issues.

Contingent contracts can create value in the presence of what feature:

Trust enables value creation through:

Which of the following is not a key set of information in Raiffa's framework for approaching negotiations?

Knowing one's own reservation price is sufficient for making the decision of whether to accept or reject the final offer from the other party.

Once a settlement has been achieved,it is wise not to re-open it,because going back to reconsider an issue can harm the mutual trust between the parties.

Negotiators often are reluctant to give away information because they assume that:

Negotiations that do not involve more than one issue involve are likely to focus on of value but not _ of value.