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Why you should think slow in a negotiation



Kahnemann describes two different systems of thinking. Fast thinking is characterised by using cognitive shortcuts, called heuristics, to make acting possible in an overstimulated environment. Slow thinking is a systematical and analytical step-by-step approach of thinking. We collect small pieces of information, put them together and carefully consider options. This approach takes longer since we systematically evaluate the overall picture.

 Reliance on institution through fast thinking increases in a complex negotiation, where negotiators reach a state of cognitive overload. At such times, we naturally shift away from slow thinking to fast thinking.

Taking the time to logically reason through every decision can be costly, even leading to decision paralysis. However, to think slow in a negotiation can limit cognitive biases and is therefore not as bad as you might think. Use 3 integrative strategies to encourage slow thinking in a negotiation:

#1 Make a list. By writing down all possible variables that might be discussed in the negotiation, as well as considering all parties involved you create a better understanding for yourself of what is coming up.

# 2 Avoid time pressure. Never let the other party put you under time pressure and never put yourself under time pressure. If someone catches you off guard and wants to discuss an issue without prior warning ask to reschedule the conversation for a later time. Remember you are in charge.

# 3 Don‘t shy away from negotiating multiple issues at the same time. We tend to wanting to get things done, ticked off the list and therefore most of us seek to reach an agreement as quickly as possible. But a complex negotiation will raise new information, unforeseen issues, and tactics that you did not anticipate. Give yourself the time to rethink and change you.r strategy Be patient!

Daniel Kahnemann, Thinking, fast and slow

This is a contribution by Jessica Planitzer Master in Psychology and Management

www.octalonegotiation.com

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