Cognitive bias in negotiation
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According to according to the writers Lewicki, Saunders, Minton, and Barry (2003), perceptual distortion includes stereotyping, halo effects, selective perception, and projection. Cognitive biases include (1) the irrational escalation of commitment, (2) the mythical belief that the issues under negotiation are all fixed-pie, (3) the process of anchoring and adjustment in decision making, (4) issue and problem framing, (5) the availability of information, (6) the winner's curse, (7) negotiator overconfidence, (8) the law of small numbers, (9) self-serving biases, (10) the endowment effect, (11) the tendency to ignore others' cognitions, and (12) the process of reactive devaluation.
How have these distortions and biases affected negotiations that you have participated in or observed? Please provide examples for at least four types of bias or distortion.
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This solution provides an explanation of how distortions and biases affect negotiations.
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Distortions and biases can affect almost any business and personal transaction. Distortions inhibit people from reacting appropriately and treating people fairly.
1. Self serving bias: This bias occurs quite frequently. This bias indicates that people attribute any success that they have solely based on efforts of their own. However, at the same time they deny any responsibility for any failures. An example of this would be if you were completing this assignment and got an excellent grade on it. You would base this grade on your hard efforts. However, if you completed another assignment, and received a bad grade, you would place the blame on the bad grade because of some other factor, such as the difficulty in understanding the assignment.
Source: http://changingminds.org/explanations/theories/self-serving_bias.htm
2. Endowment effect: This bias is based upon the ...
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