New Approaches to Procurement Negotiation
INDUSTRY WHITEPAPER

New Approaches to Procurement Negotiation

If you're trying to improve your procurement negotiation skills, then it's worth looking at the work of the Nobel Prize winning economist, Dr. Daniel Kahneman.

His work has revolutionized thinking about how people process information, react to external stimuli, and ultimately, make decisions. All of which have an immediate impact on negotiation.


Dr. Daniel Kahneman won the Nobel Prize for showing that many economic theories were based on the false assumption that humans behave logically. But that fallacy underpins much business thinking, including negotiation theory, where we tend to assume that all parties will within reason behave rationally and logically.

In this whitepaper, Peter Smith (managing editor, Spend Matters) discusses Kahneman's key findings from his bestseller, 'Thinking Fast and Slow', and suggests some new approaches to negotiation that could help improve your negotiation skills. 

In this paper, we explore behavior during the negotiation process, including:

  1. What impact do Kahneman's findings have on classic negotiation techniques?
  2. Priming, Anchoring and Attitudes to Risk. What are they and why do they matter?
  3. Key recommendations for improving your negotiation techniques

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Peter Smith

Managing Editor, Spend Matters

Peter has 30 years' experience in procurement and supply chain as a manager, procurement director, consultant, analyst and writer. He edits Spend Matters UK/Europe, and with Jason Busch, the founder of Spend Matters in the US, has developed it into a leading web-based resource for procurement and industry professionals. Peter is also Managing Director of Procurement Excellence Ltd, a leading specialist consulting firm, and is recognised as one of the UK's leading experts in public and private sector procurement improvements.