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Auction

 

Disciplines > Negotiation > Negotiation tactics > Auction

Description | Example | Discussion | See also

 

Description

When many parties want the same thing, set them against one another.

Bring them all together and let them know that only one will get what they want.

This can be used to make both sellers and buyers compete.

Example

A normal auction is one in which bidders offer increasing prices until nobody else makes an offer.

A Dutch Auction is one in which an initially high price is lowered until the first bid, which secured the deal.

Discussion

When people know that they may lose out on something, then they will want it even more.

We are naturally competitive animals, and when faced with others who want the same thing, the goal can move from possession to simply winning the competition. This is what happens in auctions when two people start bidding against one another and go way beyond the item's true value.

See also

Scarcity principle

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