Sublime

Professor Howard Raiffa’s maximum bid of others (or MBOO, pronounced “maboo”) analysis, which captures the fundamental trade-off in graphical form.

companies have a strong incentive to exploit behavioral biases, including availability, unrealistic optimism, and anchoring.

The strong tendency of employees to rationalize bad conduct in order to get rewards requires many antidotes in addition to the good cash control promoted by Patterson.

The more the other side knows about the ZOPA, the less effective anchoring becomes.

MBOO analysis revealed that the sales reps were systematically destroying value by bidding too low, which increased their chance of winning the business but reduced the profits to the company

The best negotiators and leaders are the ones who ask the right questions and therefore get the right information to help them make better deals.

Even when faced with evidence that their predictions are wrong, experts conjure up ways to defend their choices, in large part to preserve their self-images. The lesson is that even good feedback is not useful if you do not use it.