Optimal Search in Negotiation Analysis
Bibliographic Data
| ID | 6284492 |
|---|---|
| Authors | David A Lax (Harvard University, corresponding author) |
| Year | 1985 |
| Volume | 29 |
| Issue | 3 |
| Pages | 456-472 |
| Publication date | 1985-09-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Conflict Resolution (JOURNAL) |
| Journal identifiers | ISSN: 0022-0027 • E-ISSN: 1552-8766 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/0022002785029003004 |
| OpenAlex | W1994059464 |
| Language | EN |
| Citations received | 1 |
| References cited | 11 |
A negotiator's reservation price or “bottom line” depends directly on the value of the no-agreement alternative to a proposed negotiated agreement. Often, one's no-agreement alternatives are uncertain and finding them requires a costly search, as in the case of a seller who must expend effort, time, and money in finding potential buyers. The value of the search should determine the seller's bottom-line or reservation price in dealings with a prospective buyer. Optimal search and stopping theory suggest useful procedures and heuristics for evaluating one's reservation price in negotiation and for searching among alternatives
Economics · Heuristics · Mathematical economics · Microeconomics · Negotiation · Operations research · Political science · Reservation · Reservation price · Search cost · Search theory · Value (mathematics · Auction Theory and Applications · Computer Science · Consumer Market Behavior and Pricing · Law · Mathematics · Supply Chain and Inventory Management
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,03 |
| Citation span | 1992 - 1992 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |