Skip to main content

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


#negotiationskills
#negotiationtraining
#negotiation

Comments

Popular posts from this blog

Negotiate with compassion in times of COVID 19.We are all in this together.

We live in strange times and our lives have been turned upside down. We need to adjust to new social norms, social distancing. We feel that our freedom has been taken away. We can’t travel, can’t meet with friends and family we can’t even just go to the supermarket and buy staples like flour, toilet paper or canned tomatoes. The way we work has changed; the way we interact with each other has changed.  The way we negotiate should also change in these strange and challenging times. While we negotiate to get the best deal possible and don’t want to leave money on the table; this does not necessarily apply in these circumstances where we are all affected in some way or another. What is important now is that we work together, find solutions together and help each other out. I have seen many acts of kindness lately. It’s these times that bring us together. The same goes when you negotiate. These are extraordinary circumstances, and people still need to make deals but it is not

What is Black Friday and why it is not worth it if you are a great negotiator.

All last week was hyped up by ‘Black Friday’ Sales. But what is it and why do we have it in Australia and is it worth it? Black Friday originates from the US and is the Friday after Thanksgiving which is the fourth Friday in November. Thanksgiving is a public holiday in the US. In the 1950s people used the Friday as a sick day and went shopping to get a head start in their Christmas shopping. Eventually in the 1960s this day turned into another paid leave day or shall we say into a paid ‘shopping day’. It has become a made-up event to drive consumerism. Many believe the term ‘Black Friday’ is used for profit making; black numbers in the ledger books; but that is not entirely correct. While this is the meaning today it meant something totally different in the 50s and 60s.  According to Bonnie Taylor Blake, a researcher at the University of North California, the term originated in Philadelphia by the Philadelphia police as they saw the day as a terrible day. The city was fil

Conflict and Social Media

Social media has changed the way we interact; we are able to voice our opinion and with-it conflict has increased. With so many social media outlets we can discuss, voice our opinions and shout at each other. We tend to become more courageous and outrageous on social media whilst hiding behind our computers or mobile phones. With this barrier we feel empowered and entitled to speak out on social media, often without understanding the full impact of our actions. When we are enraged, we might type messages in the heat of the moment and post them on social media which we might later regret. Once it is out there it is hard to get back. Social media is certainly not the place to resolve conflict, it is unfortunately a place where conflict is created. Social media is a great platform to voice opinion and communicate instantly across the world it is however important to realise the traps that we can all fall into. Before you post something make sure it is respectful and