Edison, the Man: Stock Market Ticket
negotiations
bargaining
zone of possible agreement
anchoring
low anchor
The buyers bargain for the seller's stock market ticket device. The buyers create an anchor by starting the bid at $20,000. The negotiation takes place, and both parties settle for a price of $40,000. After the negotiation, the buyers indicate that they were willing to pay as much as $60,000 for the invention. The seller then states that he was prepared to sell the invention for a mere $2,000.
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  • 01:17 - 01:18

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