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Specific Negotiation

Knowing exactly what you want — down to the dollar — could help you negotiate for it, whether it is a raise or a large purchase, BusinessNewsDaily reports. A new study by Columbia University researchers finds that "precise numerical expressions imply a greater level of knowledge than round expressions and are therefore assumed by recipients to be more informative of the true value of the good being negotiated," as they write in the Journal of Experimental Social Psychology.

In a series of studies, the psychologists examined how people responded, in terms of counter-offers, to round-number versus precise offers in controlled and in unscripted scenarios. People responded to precise offers with smaller adjustments in their counter-offers, the researchers report.

"The practical application of these findings — signaling that you are informed and using a precise number — can be used in any negotiation situation to imply you've done your homework," Malia Mason, the first author on the study, tells BusinessNewsDaily.