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A Normative Model for Negotiations

Author

Listed:
  • Ambar G. Rao

    (New York University)

  • Melvin F. Shakun

    (New York University)

Abstract

Negotiations between a multinational corporation and a host government are considered for an international joint venture. Various negotiating behavior concepts that the two parties may use are discussed. The process of concession-making is formulated as a sequential decision problem, where each party has an opportunity for concession-making in alternating negotiation sessions, the magnitude of the concession depending on the current state of negotiations and the behavior concept being employed. A dynamic programming model is developed to yield normative recommendations as to concession-making. Numerical examples illustrating the model are presented.

Suggested Citation

  • Ambar G. Rao & Melvin F. Shakun, 1974. "A Normative Model for Negotiations," Management Science, INFORMS, vol. 20(10), pages 1364-1375, June.
    • Handle: RePEc:inm:ormnsc:v:20:y:1974:i:10:p:1364-1375
    DOI: 10.1287/mnsc.20.10.1364
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    Cited by:

    1. Rudolf Vetschera & Michael Filzmoser & Ronald Mitterhofer, 2014. "An Analytical Approach to Offer Generation in Concession-Based Negotiation Processes," Group Decision and Negotiation, Springer, vol. 23(1), pages 71-99, January.
    2. Michael Filzmoser & Rudolf Vetschera, 2008. "A Classification of Bargaining Steps and their Impact on Negotiation Outcomes," Group Decision and Negotiation, Springer, vol. 17(5), pages 421-443, September.
    3. Ehtamo, Harri & Kettunen, Eero & Hamalainen, Raimo P., 2001. "Searching for joint gains in multi-party negotiations," European Journal of Operational Research, Elsevier, vol. 130(1), pages 54-69, April.

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