Cooling Off in Negotiations - Does it work?∗
نویسندگان
چکیده
In a large-scale internet experiment we investigate whether a 24-hour cooling-off period leads to fewer rejections of unfair offers in negotiations. We conduct a cash treatment and a lottery treatment, where subjects bargain over the distribution of lottery tickets for several large prizes. Unfair offers are less frequently rejected in the lottery treatment, and there coolingoff also plays a significant role. This questions the robustness of previous findings where negative emotions might also have been relevant. Finally, we subject participants to the Cognitive Reflection Test and find that only impulsive decisionmakers are prone to the observed non-linear probability weighting.
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