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UNDERSTANDING COGNITIVE
BIASES – IMPACT ON
NEGOTIATION
1
JIBC
November 5, 2018
Nancy Cameron, Q.C.
CRITICAL CONCEPTS
STOP
Loss frame
Anchoring effect
Confirmation bias
Endowment effect
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CHALLENGER STUDY
IMPLICATIONS FOR OUR WORK
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LAWYER’S ABILITY TO PREDICT CASE
OUTCOMES
Lawyer's Minimum Goals for Settlement
50%
45%
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POSSIBLE EFFECTS OF OPTIMISM BIAS
Overestimate degree of control
Overestimate odds of future success
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STATUS QUO BIAS
WHAT WILL PEOPLE CHOOSE?
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LOSS FRAME
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HERE’S $50: CHOOSE ONE OF THE
FOLLOWING
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AMYGDALA ACTIVATION
All subjects had amygdala activation in the loss
frame, including those that were not persuaded
to make a different choice because of the loss
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ANCHORING EFFECT - PRIMING
Occurs when people rely too much on specific
information to govern their decisions
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YES, EVEN JUDGES PRONE TO ANCHORING
High Anchor Low anchor
(months) (months)
Study 1 (Q higher or 33 25
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THE ENDOWMENT EFFECT
We over value what we have, and consider giving it up a
loss
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TO REDUCE STRESS IN CONFLICT
Heighten predictability
As much as possible, prepare for any adverse
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copyright Nancy Cameron
A SELECTION OF MY
WRITTEN WORK IS POSTED
ON MY WEBSITE
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www.Nancy-Cameron.com