The role of information and aspiration in bargaining behaviour
AbstractThe study examines how information and aspiration level affect bargaining behavior. Eighty (80) students of the staff Development Centre, Bureau of Establishment and Training, Osogbo, Osun State, served as participants for the study. They were assigned to treatments conditions, in a 2 x 2 factorial design experiment. The experiment was conducted in a laboratory. The independent variables were information (complete versus incomplete) and aspiration level (high versus low). The dependent variable was bargaining behavior and was considered as aspiration, opening bids and bargaining outcomes. Data obtained revealed that participants with incomplete information had higher aspiration level and higher opening bid than those with complete information. Those with complete information and were of high aspiration had better bargaining outcome than those with complete information but were of low aspiration. Participants with incomplete information and were of low aspiration had better bargaining outcome than those of incomplete aspiration and of high aspiration. It was encouraged that bargainers should endeavor to have information about opponents to enhance bargaining relationships. But where such information is not available, bargainers could reduce their aspiration levels.
African Journal for the Psychological Study of Social Issues Vol. 9(2) 2006: 257-270