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Managerial Decison Making Assignment (Essay Sample)

Instructions:
1. Discuss the four ways, outlined in Chapter 9, in which contingent contracts can improve the outcomes of negotiations for both sides. 2. Assume that you are part of a mediation team that has been brought in to help overcome an impasse between negotiators who are deliberating the use of embryonic stem cells for a research project. The decision makers are polarized along ethical and religious lines. Since this is a potentially emotional issue, what would you do in order to break this impasse? How could the fixed pie concept come into play in this situation? 3. Recently, General Motors and the United Auto Workers had to sit down and negotiate a change in the labor agreement in order to keep the company from going bankrupt. Consider what might have gone on during these negotiations and discuss how framing might have been used, and what issues might have been discussed, in order to reach an acceptable agreement. 4. We have each had to negotiate during the process of purchasing a home or automobile. Analyze the last major purchase that you were involved with and discuss that purchase in terms of the decision-analytic approach. What was your BATNA and how did that come into play? Ensure each question is separated and labeled by question number. Course Textbook Bazerman, M. H., & Moore, D.A. (2009). Judgment in managerial decision making (7th ed.). Hoboken, NJ: Wiley. source..
Content:
Managerial Decision Making: Course Work Name: Course title: Professor: Institution: Date Due: Q1 Moore and Bazerman (1999) describe various ways through which contingent contracts improves on the outcomes of negotiations for both sides, four of these ways are outline below. a) Bets build on differences in creating a joint value: Bets could be quite helpful in short circuiting debates over the probability of future events that may be uncertain. In the case when involved parties agree to disagree, they will be able to establish a contingent contract that is based on those varying predictions. b) Bets assist in managing biases: Biases create strong barriers to agreements. However, contingent contracts enable the formation of agreements irrespective of people’s biases. Instead of requiring parties to be de-biased, contingent parties enable parties to bet on their own biased assumptions. c) Bets diagnose parties that are disingenuous. Contingent contracts are quite helpful in diagnosing false claims and bluffs by one of the negotiators. For instance, if one makes a particular claim and the other side asks for a guarantee that is costly to that claim, he or she may typically bluff off such a claim. This indicates that he or she was bluffing. It is interesting that one does not need to know the sincerity of the other party’s prediction when proposing a bet. This is because, if it is sincere, then it is to your advantage, but if he rejects it, then it might be a bluff. d) Bets are performance Incentives: Contingency contracts are also an incentive to the parties in performing at or above the specified levels. For instance, commission from sales is an effective contingent contract designed to enhance ...
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