Information Asymmetry In Buyer-Seller Negotiations And Its Impact On Effectiveness, Efficiency And Satisfaction

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Executive Summary

Owing to the increasing need to maximize scarce resources, it is crucial for organizations to perform their negotiations effectively and efficiently. Despite the importance of effectiveness and efficiency of negotiations, it is surprising that negotiation performance has to date been analyzed - both in the literature and in practice - mostly in terms of the effectiveness of the outcome. To date, the efficiency of negotiations has attracted less interest. This might be due to the dilemma that the exchange of information during the negotiation process - though being important for the effective outcome - is related to costs (input).

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