The Hidden Cost of Being Frugal
https://www.youtube.com/watch?v=iGcqED4TOv8
Just walking around in Mandalay Bay at the moment and the thought really… Vegas is a place for indulgence, where you can enjoy the feeling of spending money. And although I recommend everyone is sensible with their money, being too tight can have its hidden costs.
How to Play the Ultimatum Bargaining Game?
Professor Uwe Dulleck of the University of Queensland found that people who try really hard to push actually suffer more stress. They play a game called the Ultimatum Bargaining Game where player one gets money and chooses how to divide it. Player two gets to accept or reject the offer. If player two rejects, no one gets anything and they found that any time player one offered less than 40% to player two, both their stress levels went up. We empathise with other people and we know that aggressively pushing our interest over theirs will create a sense of unfairness.
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The Final Word
I know you might be thinking, “Okay, Josh, you sound like a terrible negotiator.” From my experience the best deals I’ve made are the ones where both sides are happy. That way once the deal is done, you focus on the project, whether it’s business or service or activity. But if anyone is unhappy, the deals never over. It’s a constant source of stress, probably for both sides.
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