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Effective Negotiation Training Can Prove That Losing Can Be More Valuable Than Winning

We are not specially fond of losing. Everybody really likes a success and it is important for us all to be on the winning side. As a matter of fact, it is vital for many people to be on the winning side that research signifies that on average we have an incredibly an interesting method to handling the potential risks.

In an area of study referred to as Prospect Theory, Kahneman and Tversky looked into the apparent flaws and contradictions in human conduct. They discovered that research subjects when offered an alternative introduced in one way might present risk-averse conduct but when offered fundamentally the same option formulated in a different way the same research subjects might display risk seeking methods.

An important result of the analysis done by Kahneman and Tversky is that they discovered that people's attitudes towards threats related to potential gains are often very unlike their behaviour towards risks connected with potential deficits.

For instance, when subjects are given an option between getting $1000 with confidence or getting a 50% chance of getting $2500, they will often well choose the guaranteed $1000 rather than the uncertain chance of getting $2500 even though the mathematical expectation of the uncertain option is $2500. This is a completely sensible mindset that is described as risk aversion.

But Kahneman and Tversky also discovered that the same people when presented with a specific loss of $1000 versus a 50% chance of no loss or a definite loss of $2500 do usually select the risky alternative. This is known as risk seeking behaviour.

What it implies for you in terms of your business negotiation or negotiation training is that it is wise to show your counterparts the things they stand to do away with if they do not move the way that you are recommending. It is always a good idea to notify your counterparts the things they stand to achieve by moving in your direction but the power of your argument will likely be improved if you could add to the benefits the particular things that they are going to fall short on if they do not move in your direction.

This type of loss framing is most powerful when it is coupled with the Scarcity principle of influence which states that we assign much more worth to those things that are significantly less available. We should thereby concentrate on those things that are uniquely associated with our own suggestions and in addition to pointing out the advantages associated with going in our direction we should also mention the specific, unique things that our counterpart may stand to forfeit if they don't move in our direction.

Making use of negotiation skills such as loss framing to your benefit is an excellent method that you can apply the concept of losing to assist you to succeed.

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