Adonis Diaries

This Ultimatum game and Last Chance offer fallacy

Posted on: October 24, 2014

 

This Ultimatum game and Last Chance offer fallacy

Either the negotiation succeed or you lose everything?

This ultimatum game is the manifestation of the “Theory of Mind“, a set of how others feel and think concepts.

When the other party is an “abstraction”, we cannot see or hear, the share they are offered drops on average from over 30% to below 20% because the feeling of unfairness gets out of the picture.

When the two parties meet face to face the sense of fairness plays a big role in reaching satisfactory end games.

When the parties decide to have a mediator (in order not to meet face to face) the negotiation drags on simply because one party had decided not to reach an agreement.

Statistics don’t stir us, but people do.

The preemptive wars of 2014 by Israel on Gaza has upset people around the world because pictures and videos were disseminated and were covered by social platforms and web sites: The story was given a face.

The Last Chance behavior is linked to our fear of regret: We need to quickly fall in line in order to conform with the community.

We feel more sympathy for the passenger, who by a fluke of an accident or circumstances, decided to board at the last minute the plane that crashed than with the remaining passengers.

People who failed to take action feel more regret than those who acted and were wrong in their decision.

Remember that willpower is like an electric battery: If depleted, your future challenges will falter if you don’t replenish your battery by good sleep and good relaxation techniques.

Read: The Art of Thinking Clear

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