Why do people in a business negotiation settle for less than
each of them could and should receive? Two rational players face
off in an economic game. Each pursues interests as conventional
theory dictates, but all too often, the result is suboptimal. Why
do they fail to capture what Dr. Young calls the cooperative
surplus? Dr. Young proposes that the root of the problem lies in
the philosophical assumptions underlying decision and game theory.
The common understanding of economic rationality is fundamentally
flawed, he says. It assumes that rational players are always
self-interested and that they will make decisions on the basis of
consequences. Arguing that no theory of economic rationality
developed from this foundation can lead to the desired prescriptive
results, Dr. Young maintains that a successful prescriptive theory
of rationality must start from a different premise: the notion of
actors as autonomous agents who act over and above their
inclinations to express their identity.
Dr. Young advances his own notion of economic rationality, then
seeks to establish rules by which rational economic players can
jointly create a common base for business negotiation. The results
of bargaining will then be in equilibrium, and a solution optimal
to both sides can be reached. Already praised by philosophers in
Europe for its innovative vision and practicality, this book is a
must for business executives and attorneys engaged in business
negotiations, as well as for their colleagues with similar
interests in the academic community.
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