Litigation
Nov. 1, 2012
Easy doesn't do it: loss aversion in settlement negotiations
Loss aversion is a powerful behavioral concept and defendants, in particular, ignore its invisible influence at their peril. By Floyd J. Siegal
Not surprisingly, difficult mediations often provide the most valuable information and insights about why certain negotiating strategies fail, as illustrated by a recent wrongful death claim which the parties were not able to resolve.
Both sides were in agreement that the decedent's death had been caused by the defendants' conduct, but there were legitimate disputes between the parties as to both liability and damages. With r...
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