W2 - Preparation for Negotiation

Question 1

What you have you value it more than what you would like to have –> coffee experiment

Answer 1

Endowment Effect

Question 2

People are more risk seeking when confronted with sure loses and more risk averse when confronted with sure gains.

Answer 2

Loss frame & Gain frame

Question 3

To set goals that are unrealistically high

Answer 3

Overaspirational negotiation

Question 4

Thinking that our position is better than it really is

Answer 4

Optimism bias

Question 5

Thinking we are better than we and our bargaining position

Answer 5

Overconfidence effect

Question 6

We believe we have more control than we do

Answer 6

Illusion of control

Question 7

To overvalue something based on past expenditure

Answer 7

Sunk Cost bias

Question 8

Risk types

Answer 8

Risk averse, risk neutral, risk seeking

Question 9

Willingness to pay a price premium for certainty

Answer 9

Certainty effect

Question 10

As the number of options increases, people’s ability to choose among those options decreases, leading people to pick the default choice or no choice option

Answer 10

Paradigma of choice