Modelling Real-World Contract Negotiations

Kremers, S.H.G (2014) Modelling Real-World Contract Negotiations.

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Abstract:In this research we develop a new mathematical model for negotiations that is able to serve as the basis for a Negotiation Support System. We start by examining the existing models in the literature. We define the key properties of real-world negotiations that are missing in the existing models and propose a new model that does have these properties. We analyse this model by proving several consistency theorems. Because there is no easy closed form expression for the negotiation outcome, we perform numerical studies to determine the effect of the strategy parameters on the outcome of the negotiations. Abstract We then use these observations to develop a procedure with which we estimate the strategy of the other agent and optimize our strategy, given the estimated strategy of the other agent. Finally, we use MATLAB simulations to analyse the performance of this procedure for various strategies of the other agent. From these simulations we conclude that the estimation and simulation procedure yields a significantly better outcome, and should therefore be used whenever possible. We also discuss extensions our proposed negotiation model and give a number of suggestions for future research.
Item Type:Essay (Master)
Clients:
ORTEC, Zoetermeer, Netherlands
Faculty:EEMCS: Electrical Engineering, Mathematics and Computer Science
Subject:31 mathematics
Programme:Applied Mathematics MSc (60348)
Link to this item:http://purl.utwente.nl/essays/66069
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