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One of the most well‐known descriptive bargaining models is Raiffa's  Zone of Possible Agreements  ( ZOPA ). We reinterpret Raiffa's model of a price negotiation in the realm of bounded rationality by applying Simon's theory of  Satisficing . Afterward we refine Raiffa's negotiation model using  Aspiration Adaptation Theory  as suggested by Sauermann, Selten, Tietz and others. We offer a model of a concession process that gives precision to the  Dance of Concessions  in Raiffa's model by applying axioms of bounded rationality. Raiffa suggests a solution point derived from equity in price dimension, whereas we propose an area solution defined by equity in aspiration levels.

Refining Raiffa – Aspiration Adaptation within the Zone of Possible Agreements