Abstract
This symposium examines how precision and anchoring play a role in shaping negotiation strategies and outcomes. This symposium examines how precision plays a role in shaping negotiation strategies and outcomes. First, Loschelder and colleagues present a meta-analysis of the published and unpublished literature on the numeric precision effect, showing that precision does impact our judgment, but that the effect is significantly moderated by the judgment domain such as the context of the precise number, and the expertise level of the negotiator. Second, Lee and colleagues investigate how initial offer precision can create a barrier-to- entry in negotiations, demonstrating that precise offers constitute a double-edged sword: although they can help negotiators get a better deal during a negotiation, they can also prevent individuals from entering a negotiation at all by creating perceptions of inflexibility. Third, Dannals and colleagues investigate how precision in an initial offer impacts customers' likelih...
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