An analytic process model of two-party negotiations
Article Abstract:
The negotiation process has attracted greater interest from researchers because many believe that investigations into the nature of the process could provide valuable insights that go beyond the concepts introduced by outcome-oriented theories. In line with this, a new analytical process model is presented which provides insights into the behavioral and economic aspects associated with two-party negotiations. The model, which is based on Pruitt's pathbreaking research, provides new concepts that are both critical and relevant such as time pressure, limit, aspiration level, concession points and negotiators' powers. The model can be used to predict conditions where agreements are not possible despite the existence of a zone of agreement; to identify conditions in which agreements are possible and to determine the patterns followed by the offers and counteroffers made by negotiators.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1995
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Calculating the reserve for a time and usage indexed warranty
Article Abstract:
The assessment of the size of a reserve needed by a manufacturer to meet future claims for a two-dimensional warranty is investigated. A class of failure models describing failure by time and usage scales, where the latter is assumed to be a covariant of the first, is developed to address the problem. A Bayesian paradigm is proposed to make inferences with respect to model parameters. The warranty reserve problem for the two-dimensional scenario is found to be frameable as an operational decision-theoretic problem, producing an optimal value for the warranty reserve. The workability of the approach is proven by calculating the warranty reserve for a locomotive traction motor.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1997
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