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Related Experiment Videos

Framing the Game: Examining Frame Choice in Bargaining.

Blount1, Larrick

  • 1Graduate School of Business, University of Chicago

Organizational Behavior and Human Decision Processes
|January 13, 2000
PubMed
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Negotiators often fail to choose negotiation frames that maximize their financial gains. This occurs because non-monetary factors like fairness and cognitive limits influence their decision-making in procedural frame selection.

Area of Science:

  • Behavioral Economics
  • Negotiation Theory
  • Decision Science

Background:

  • Frame choice in negotiation is a critical decision impacting outcomes.
  • Procedural frames influence negotiator behavior and payoff expectations.
  • Understanding frame selection is key to optimizing negotiation strategies.

Purpose of the Study:

  • To investigate whether negotiators select procedural frames that maximize their expected monetary payoffs.
  • To analyze the factors influencing negotiators' frame choices.
  • To examine the discrepancy between optimal financial strategy and actual frame selection.

Main Methods:

  • Empirical analysis of frame choice in the ultimatum bargaining game.
  • Presenting negotiators with alternative procedural frames for the game.

Related Experiment Videos

  • Measuring participants' frame selections and analyzing their impact on expected payoffs.

    • Main Results:

    • Participants consistently failed to choose frames that optimized monetary outcomes.
    • Non-monetary motivations (fairness, respect) significantly influenced frame preferences.
    • Cognitive limitations hindered accurate prediction of opponents' responses to different frames.

    Conclusions:

    • Negotiators' frame choices are driven by a complex interplay of financial and non-financial considerations.
    • Cognitive biases and non-monetary motivations impede rational, payoff-maximizing frame selection.
    • Future research should explore interventions to align frame choice with optimal economic outcomes.