The tendency for negotiators to settle for outcomes that both prefer less than some other readily available outcome is called a) Poor preparation b) Bad anchoring c) Lose-lose effect
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The tendency for negotiators to settle for outcomes that both prefer less than some other readily available outcome is called
a) Poor preparation
b) Bad anchoring
c) Lose-lose effect
Step by step
Solved in 3 steps
- A used car salesman has the following typical strategy for selling cars.His car is really worth £5000. But he starts his negotiations with a buyer byasking for a starting price of £6000. He then negotiates the price down to £5750at which point the buyer is happy to buy the car. What heuristic is the salesmanexploiting?Which is the correct answer for the question below. Some popular reality television programs follow people who buy the contents of abandoned storage lockers at public auctions. In most cases, several storage lockers are sold in sequence during a particular auction. Occasionally, one of the buyers will purposefully bid much more than the expected value of a particular storage locker in order to intimidate the other bidders. What is a plausible explanation for these excessive bids? A. The excessive bids may be rational if they occur during the last auction of the day. B. The bidder is trying to establish a first-mover advantage, but only if they occur during the first auction of the day. C. The buyer is trying to establish a reputation that may affect the outcome of later auctions. D. The excessive bids represent a form of tacit collusion among the buyers.Assume your company operates 60% of the wells in an aging field in Scurry County Texas. The field has reached the stage in its development where a waterflood is required or the field will quickly decline into a very large number of marginal wells. Your company has determined that a waterflood is feasible but it would require the cooperation of the other 40% of the operators in the field. Thus an unitization agreement is required. What would your strategy be for negotiating that agreement? What would be the steps required to have an approved unitization agreement in that field?
- Inductive and Deductive Reasoning Jose always leave for school at 10:00 a.m, Jose is always on time, Betty assumes, then that if she leaves at 10:00 a.m for school today, she will be on time All dogs have ears, Puddles is a dog. Therefore Puddles have long ears. Are the argument of the two situation valid? How do they differ in coming up the conclusion?In contract negotiations between a local government agency and its workers, it is estimated that there is a 50% chance that an agreement will be reached on the salaries of the workers. It is estimated that there is a 70% chance that there will be an agreement on the insurance benefits. There is a 20% chance that no agreement will be reached on either issue. Are the agreement on salaries (S) and the agreement on insurance (I) independent events? O not independent because P(S) P(I) # P(S and I) O independent because P(S) P(I) = P(S and I) %3D Oindependent because P(S) P(I) P(S and !)Given the following payoff table with the profits ($m), a firm might expect alternative investments (A, B, C) under different levels of interest rate. (Attached)(a) Which alternative should the firm choose under the maximax criterion? (b) Which option should the firm choose under the maximin criterion? (c) Which option should the firm choose under the LaPlace criterion? (d) Which option should the firm choose with the Hurwicz criterion with α = 0.2? (e) Using a minimax regret approach, what alternative should the firm choose? (f) Economists have assigned probabilities of 0.35, 0.3, and 0.35 to the possible interest levels 1, 2, and 3 respectively. Using expected monetary values, what option should be chosen and what is that optimal expected value? (g) What is the most that the firm should be willing to pay for additional information? Use Expected Regret (h) Use the alternative method to verify EVPI Part 2 Assume now that the pay offs are costs answer the following: (a) Using an…
- b. A company is trying to decide whether to bid for a certain contract or not. They estimate that merely preparing the bid will cost R10 000. If their company bid then they estimate that there is a 50% chance that their bid will be put on the "short-list", otherwise their bid will be rejected. Once "short-listed" the company will have to supply further detailed information (entailing costs estimated at R5 000). After this stage their bid will either be accepted or rejected. The company estimates that the labour and material costs associated with the contract are R127 000. They are considering three possible bid prices, namely R155 000, R170 000 and R190 000. They estimate that the probability of these bids being accepted (once they have been short-listed) is 0.90, 0.75 and 0.35 respectively. The immediate question facing the company is whether or not to prepare a bid. Draw a decision tree for the above decision situation. Show each decision point and each chance event. Insert all…Given the following payoff table with the profits ($m), a firm might expect alternative investments (A, B, C) under different levels of interest rate. payoffs as profits states of nature 1(5%) decision 2(7%) 3(9%) alternatives A 14 22 6. B 19 18 11 12 17 15 (a) Which alternative should the firm choose under the maximax criterion? (b) Which option should the firm choose under the maximin criterion? (c) Which option should the firm choose under the LaPlace criterion? (d) Which option should the firm choose with the Hurwicz criterion with a = 0.2? (e) Using a minimax regret approach, what alternative should the firm choose? (f) Economists have assigned probabilities of 0.35, 0.3, and 0.35 to the possible interest levels 1, 2, and 3 respectively. Using expected monetary values, what option should be chosen and what is that optimal expected value? (g) What is the most that the firm should be willing to pay for additional information? Use Expected Regre (h) Use the alternative method to…Wired & Plugged specializes in manufacturing modern electronic components. It also builds equipment that produces the components. The marketing and production directors advised the president about a proposed manufacturing facility in the form of a payoff table as shown. Decision Profits($) Strong Marked Fair Market Poor Market Large-sized facility Medium-sized facility Small- sized facility No facility 450,000 2500,000 350,000 0 220,000 150,000 150,000 0 -310,000 -250,000 -80,000 0 What decision should be made using the LaPlace criterion?
- Which of the following are important to investors evaluating direct participation programs? I. The economic soundness of the program II. The expertise of the general partner III. The basic objectives of the program IV. The start-up costs A I, II, and IV B I, II, and III C I, II, III, and IV D II, III, and IV5. On October 25 2015, one Euro traded for 1.106 US dollars, and thus one Us dollar traded for 0.942 Euros. If 0.942 is marked on the vertical axis of the diagram depicting equilibrium in the Euro-US dollar market, what should be measured on the horizontal axis? O. The quantity of US dollars, that is traded for Euros. O. The quantity of Euros, that is traded for all other currencies. O. The quantity of US dollars, that is traded for all other currencies. O. The quantity of Euros, that is traded for US dollars.Select the least accurate statement. A) The expected monetary value (EMV) criterion represents the long-run average of uncertain outcomes, so it should only be used for recurring decisions. b) For each possible decision and each possible outcome, the payoff table lists the associated monetary value. c)The certainty equivalent is the certain dollar amount a risk-averse decision maker would accept in order to avoid a gamble altogether. D) For a risk-averse decision maker, the certainty equivalent is less than the expected monetary value (EMV).