Two things I've learned about the negotiation process...

     Negotiation is a decision making process among interdependent parties who do not share identical preferences.  I have learned that the greatest opportunity to improve negotiator performance lies in the negotiator's ability to make effective use of the information available about the issues in dispute as well as the likely behavior of an opponent to reach more rational agreements and make more rational decision within the context of negotiation.  A negotiator must understand the framing of negotiations and the psychological forces that limit a negotiator's effectiveness.  Negotiation framing is an important negotiation technique.  The framer defines the issue at stake in a certain way to close a deal, reach consensus or win an argument.  A good opponent will reframe the issue and move the focus from the negotiator's main concern is to what the opponent's interest is.  This is where rational takes place.  Rationality refers to making the decision that maximizes the negotiator's interests.  The goal of negotiations is to reach a good agreement.  For example, we frame the options in terms of the percentage discount when the main focus is cost.  Negotiator's are willing to pay almost a dollar more because of the way in which they frame the purchase. 
     Secondly, I've learned that common biases in decision making involves framing.  When making business decisions, one needs to frame the outcomes of decisions differently relative to status quo.  When it comes to decision making, good decision are those which link decision makers' utilities with decision outcomes.  In the business world, managers make relatively minor decision that are primarily operational or tactical.  A decision implies that one has access to two or more alternatives.  There are two cognitive systems that influence decision making.  System 1 refers o a process that is described as fast, automatic effortless, and often emotional.  This system is more difficult to break and is less developed.  System 2 is slow, controlled, effortful, rule governed and flexible.  System 2 is a more rational decision making process and has evolved over time.  System 2 monitors system 1, therefore both systems are processes that are important to managerial decision making, and one is not inherently preferred over the other because they work together.