Getting (More of) What You Want: Negotiating Deals Big and Small

Featuring Thomas Lys and Margaret Neale

 
 
 

Program Highlights

  • Negotiations as collaborative events.
  • Three negotiating tools that are almost never used to their potential.
  • The surprising advantage gained by focusing your counterpart’s attention on his or her alternatives.
A negotiation is not a battle. That’s how Professors Neale and Lys begin this presentation, explaining that – since the end result is almost always that both parties are better off – a negotiation is the opposite of a battle. So be careful about gearing up for combat; your opponent will sense it, and good opportunities can be missed.

That said, Neale and Lys remind us of the basics: knowing your reservation price, having a strategically-determined aspirational price, and knowing when to walk away. They then share three powerful tools to getting more of what you want: using expectations, justifications and packages. And when we encourage our counterparts to see the negotiation in terms of their alternatives, they not only leave more on the table, they’ll be happier! Additional examples shared with the audience include asymmetrical information, the winner’s curse, and the danger of auctions.

Margaret Neale’s research focuses primarily on negotiation and team performance, with a particular emphasis on cognitive and social processes that get in the way of effective negotiating behavior. Thomas Lys’s emphasis is securities. He has been awarded the Outstanding Professor of the Year award six times from Kellogg’s Executive MBA Program and has twice been given the Sidney J. Levy Teaching Award from Kellogg’s full-time MBA program.

Getting (More of) What You Want: Negotiating Deals Big and Small

Thomas Lys,Margaret Neale

Professor, Northwestern University,Professor, Stanford University

EBP-TL

1 Hour 3 Minutes

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