Models for Human Negotiation Elements: Validation and Implications for Electronic Procurement
Even though procurement processes have a signifi- cant negotiation element in them, there is a paucity of research relating to the incorporation of quantitative models of negotiation into procurement systems. In this paper, we first outline multiat- tribute modeling approaches for three negotiation elements that play a prominent role in procurement decisions. We then develop hypotheses from the literature on human negotiation, and use over 180 000 simulations to evaluate the performance of our models with respect to these negotiation characteristics. Our models and simulations have implications for electronic procurement.