Negotiation is stressful. It can bring out the worst in people. Wouldn’t it be better if there were a principled way to negotiate? Wouldn’t it be even better if there were a way to treat people fairly and get treated fairly in a negotiation? Barry Nalebuff is the Milton Steinbach Professor at the Yale School of Management. Nalebuff applies game theory to business strategy and is the co-founder of one of America’s fastest-growing companies, Honest Tea. In his new book, SPLIT THE PIE: A Radical New Way to Negotiate he outlines his tried and tested practical negotiation methods that reveal the true power of the players and what they bring to the table. From years of real-world negotiation, and deep research on game theory, Nalebuff identifies what’s really at stake in a negotiation: the “pie.” In his model, the negotiation pie is the additional value created through an agreement to work together. Seeing the relevant pie will change how you think about fairness and power in negotiation. You’ll learn how to get half the value you create, no matter your size.  In this interview I speak to Professor Barry Nalebuff about how we can apply his negotiation model to understand and reframe everything from every-day to high-stakes negotiations. We delve into the psychology of the negotiation and how deploying empathy can help reach great solutions.

Thought Economics

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