Wisdom in Negotiation: Understanding Its Role Beyond Integrative Approaches

Abstract

Integrative negotiation is often considered an ideal way to achieve a joint outcome. Although this ideal nature may lead to successful joint negotiation, wisdom, which is considered to maintain a balance of interest for the common good, may not be part of it. This study investigates the relationship between wisdom, emotional regulation, and integrative negotiation to determine whether wisdom is inherently present in integrative negotiation strategies. Using a sample of 49 participants, we examined how different wisdom variables correlate with negotiation tactics. The results showed significant relationships between integrative negotiation and certain wisdom traits but no significant correlation with wise reasoning. Mediation analysis revealed that emotional variables, including empathetic concern and managing emotions, did not significantly mediate the relationship between wisdom and integrative negotiation. Thus, it cannot be said that wisdom is always inherent in integrative negotiation, and thus, it is necessary to look for a new concept of ‘wise negotiation’, which could explain a long-term and sustainable negotiation outcome.