Too Much Information May Be Bad
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Often in negotiating, a party may make a monetary demand without providing any reasoning behind it. I have often found that such a tactic does not work well because the other party will ask me “why”. She wants to know the reasoning behind the monetary demand. So- I return to the first party to learn the rationale behind the monetary demand and with permission, convey it to the requesting party.
In short, it seems that people cannot negotiate in a vacuum. They want supporting information. And the more precise the amount being demanded, the more back up or supporting information is requested.
Well, LiveScience recently reported on a study (“Study”) occurring in Germany which found that depending on the circumstances, too much precision may be detrimental to one’s negotiation position unless supporting data is provided. In an article entitled “Why It Pays to Be Vague When Negotiating Prices” by Stephanie Bucklin, posted on December 29, 2016, the author reports on a study conducted by David D. Loschelder, Malte Friese, Michael Schaere and Adam D. Galinsky finding that while it helps to be very precise when negotiating with amateurs, that precision can backfire when negotiating with experts (unless the supporting data is also provided).
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