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How much will you bid for a $100 note?
Your friend invites you for a group dinner and requests the members to participate in an auction game.
Your friend announces that he will auction a one hundred dollar note. The bid amount will be in multiple of dollar five only. This auction is different since in this second highest bidder will also pay the amount he has bid, although he will not win. Example is given below.
Let us assume in the last round there are two players. Bidding has stopped and last bids are, A has bid thirty and B has bid thirty five dollar. In this example, your friend will pay sixty five dollars to B since he is the highest bidder and will get thirty dollars from A, who is the 2nd highest bidder. Hope the rules and results are clear.
Would you be willing to bid dollar five to start the auction?
Photo Adaptation/Flickr/Emilian Robert Vicol
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Negotiation is an important life skill
Negotiation is also a game, the more you play and practice, the better you get. Learn and prepare negotiation to reduce anxiety. Like any other skill, it can be mastered.
· Negotiation skills are learnable · You need to know the concept & principles · You need to apply the principles & practice the game · You should get feedback after each negotiation to improve
Last but not the least, seek negotiation and don’t avoid it. When you do buy or sell an asset or join a new job, negotiations are part of the whole process. Prepare for negotiations and don't avoid.
Negotiation is an information game, a conversational dance where we exchange offers...back and forth…offers and counteroffers to benefit mutually.
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