Perceptual Bias and The Frustrated Negotiator

It’s after lunch, and Fred’s feeling pretty good as he sorts through today’s mail.  Ah! There it is, Tom Smith’s response to Fred’s settlement offer in Ajax Accounting v. Johnston. It’s a solid offer, and Fred smiles as he thinks about the vacation he’s going to take during what are now the two weeks set for trial. He eagerly rips open the envelope, reading quickly.  WHAT?! Tom turned it down? How could he? The offer made perfect economic sense! Fred slumps in his chair, frustrated and bewildered.

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