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Chapter 15 - Bargaining and negotiation. Chapter 15 explores the economic factors that create opportunities for mutually beneficial agreements. It also takes a gametheoretic approach to analyzing negotiation strategies under imperfect information.
Managerial Economics, 8e William F. Samuelson ● Stephen G. Marks Chapter Fifteen Bargaining and Negotiation Copyright © 2015 John Wiley & Sons, Inc. All rights reserved To get to the Promised Land, you have to negotiate your way through the wilderness ~H. Cohen Copyright © 2015 John Wiley & Sons, Inc. All rights reserved For discussion Sanofi’s Bid for Genzyme In Spring 2010, Christopher Viehbacher, CEO of the French pharmaceutical giant, SanofiAventis SA, set his sights on acquiring Genzyme Corporation, a pioneering biotechnology company. Copyright © 2015 John Wiley & Sons, Inc. All rights reserved The Economic Sources of Beneficial Agreements Selling a Warehouse Resolving Disputes A Patent Conflict Differences in Values Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 15.1 The Zone of Agreement and the Payoff Frontier Copyright © 2015 John Wiley & Sons, Inc. All rights reserved The Economic Sources of Beneficial Agreements (cont.) Differences in Values Probability Assessments Settlement Negotiations Revisited Risk Aversion Contingent Contracts Contingent Pricing in an Acquisition Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 MultipleIssue Negotiations A Complex Procurement Wooing David Letterman Continuous Variables A QuantityPrice Contract Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Negotiation Strategy Perfect Information Imperfect Information A Tender Offer Repetition and Reputation Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Negotiation Strategy Business Behavior—Failed Agreements Texaco versus Pennzoil Revisited Sanofi’s Bid Revisited Copyright © 2015 John Wiley & Sons, Inc. All rights reserved ... Copyright © 2 015 John Wiley & Sons, Inc. All rights reserved The Economic Sources of Beneficial Agreements Selling a Warehouse Resolving Disputes A Patent Conflict Differences in Values Copyright © 2 015 John Wiley & Sons, Inc. All rights reserved... Copyright © 2 015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 15. 1 The Zone of Agreement and the Payoff Frontier Copyright © 2 015 John Wiley & Sons, Inc. All rights reserved The Economic Sources of Beneficial ... Copyright © 2 015 John Wiley & Sons, Inc. All rights reserved 1.3 MultipleIssue Negotiations A Complex Procurement Wooing David Letterman Continuous Variables A QuantityPrice Contract Copyright © 2 015 John Wiley & Sons, Inc. All rights reserved