Economic Concepts and Terms

The following is a list of basic economic concepts and terms as the essential background know-how for contract negotiations.

•\ Akerlof Market

•\ Behavioural economics •\ Moral hazard

•\ Negotiator’s dilemma •\ Pareto optimum

•\ Principal-agent-problem

Emotions

Despite the fact that the Harvard negotiation concept recommends that people and problems be considered separately, emotions play a significant role in contract negotiations in practice. The keywords in this regard are listed below.

•\ Building a golden bridge •\ Chit-chat

•\ Core concerns framework •\ Emotions

•\ Empathy

•\ Hide your glee

•\ Impression (first and last) •\ Negotiation levels

•\ Not happy

Gaining Information

Gathering information is an essential task in the course of contract negotiations. In particular, questioning techniques (for details see under questioning techniques) can be used to obtain relevant information. Here, all key terms in the context of gaining information, with the exception of questioning techniques, are listed:

Improving Negotiation Skills

Skilful negotiating can be learned. In the following, all key terms within this field are listed. There is a large overlap with the preparation of negotiations (see further under preparation), since the improvement of the own negotiation skills is an essential part of preparation for negotiations.

•\ ACBD-rule

•\ Adopt an outsider lens •\ Advocatus diaboli

•\ Misunderstandings •\ WWW

•\ WWYDD

Negotiation Types

Negotiations can be designed in various ways. The exact type of negotiations depends on various factors, such as the negotiation subject, the importance of the potential conclusion of the contract and the parties involved in the negotiation. Certain reiterations of terms with the list of negotiation tactics (for more detail see under negotiation tactics) may occur

•\ Auction

•\ Electronic multitasking •\ E-mail

•\ Face-to-face •\ Negotiauction •\ Renegotiations