Frequency of concession and bargaining strategy on economic bargaining outcomes in the traditional market

bibliographic database
Line

Periodical article

Title:	Frequency of concession and bargaining strategy on economic bargaining outcomes in the traditional market
Author:	Balogun, S.K.
Year:	1997
Periodical:	African Notes: Bulletin of the Institute of African Studies, University of Ibadan
Volume:	21
Issue:	1-2
Pages:	1-9
Language:	English
Geographic term:	Nigeria
Subjects:	marketplaces trade negotiations
Abstract:	A permanent feature of buying and selling in open markets in Nigeria is bargaining (haggling) over the price for which commodities are exchanged. Bargaining is the process by which buyers and sellers make a series of concessions in search of agreement on a mutually satisfactory price. This article reports on an experiment with 120 students trained to adopt tough or soft bargaining strategies while purchasing items in traditional open markets in Ijebu-Igbo metropolis in Nigeria. There were two independent variables: strategy (tough or soft) and frequency of concessions (restricted or non-restricted). In terms of final price settled for, soft bargainers and non-restricted concession buyers proved to be more successful than tough bargainers and restricted concession buyers. The article includes an appendix on the definition and manipulation of variables. Bibliogr., sum.