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Cognitive Errors of Negotiators

In: Making Negotiations Predictable

Author

Listed:
  • David Cremer

    (China Europe International Business School (CEIBS))

  • Madan M. Pillutla

    (London Business School (LBS))

Abstract

9 December 2011 will go down as a red letter day in the United Kingdom’s 38-year membership of the European Community, and latterly Union. David Cameron, the prime minister of the United Kingdom, used his veto and refused to sign a new intergovernmental accord designed to save the euro. He thought that he had the support of many of the other member states including Hungary, but found himself to be alone in refusing to sign the accord. The talks broke down when Cameron failed to get the assurances he was seeking for the City of London and Britain’s place in the single market. The prime minister insisted upon a legally binding ‘protocol’ to protect the City from more European Union (EU) financial regulations. He didn’t get one so he blocked a deal. Many observers noted that the British prime minister overplayed his hand, either because he overestimated his support or because he underestimated European leaders’ fears about the euro. As a result of his veto, said The Guardian (December 10, 2011), ‘the UK is now likely to be out of the loop at the outset of crucial EU debates for years to come.

Suggested Citation

  • David Cremer & Madan M. Pillutla, 2012. "Cognitive Errors of Negotiators," Palgrave Macmillan Books, in: Making Negotiations Predictable, chapter 0, pages 40-65, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-02479-4_3
    DOI: 10.1057/9781137024794_3
    as

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