Negotiation games: Application of game theory in negotiations

Agrahari, Sunidhi (2022) Negotiation games: Application of game theory in negotiations. International Journal of Law) Management & Humanities, 5 (1). 2472 -2480. ISSN 25815369

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The omnipresence of negotiations is, without a doubt, ubiquitous. From daily life transactions with auto-rickshaw drivers or grocers to international trades and wars, every individual engages with negotiations. Negotiations are interactions between different parties holding diametrically opposing stands along with certain intersecting interests, wherein they attempt to reconcile their conflicts and procure a feasible settlement. All negotiations are essential 'games' in as much, all parties or players' must make choices or 'strategies' to reach a desirable agreement or 'outcome'. Since all negotiations can be simplified into game models- they can be dismantled and regulated by the 'game theory'. In this article, the author attempts to explore how principles of game theory may be applied in negotiations and the advantages of such application. Specifically, the author tries to illuminate how parties may use game theory to anticipate the other party's possible strategies and possible outcomes of negotiation and, in turn, enter the negotiation with strategical advantages.

Item Type: Article
Subjects: Social Sciences and humanities > Social Sciences > Law and Legal Studies
JGU School/Centre: Jindal Global Law School
Depositing User: Amees Mohammad
Date Deposited: 28 Jun 2022 07:10
Last Modified: 21 Jul 2022 08:52
Official URL:


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