An intelligent mediation system to resolve cognitive biases in negotiation

Behavioral decision theorists have identified a number of cognitive biases negotiators tend to exhibit in a two-party negotiation. This paper discusses the major types of cognitive biases in negotiation and proposes an intelligent mediation system (IMS) as a possible solution. The objective of IMS is to identify the possible cognitive biases and to make an attempt to alleviate these biases by providing feedback messages to the negotiator. The architectural details and the issues involved in the design and the development of IMS are discussed. To illustrate the importance of this research, the “transfer price negotiation” is used as the decision setting