The Importance of Regret in Negotiations

Experiments have shown that people who think about what they regret during a negotiation are better problem solvers./nThis helps avoid cognitive biases, like confirmation bias and escalation of commitment to a failing course of action.

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Regret is one of the most common negative emotions we experience as humans. Yet, most people are reluctant to explore or even talk about their regrets with others because of the growing ‘no regrets’ philosophy that demonizes the presence of regret.

However, when used properly, regret can be a powerful tool by illuminating where our values and priorities lie, which can help us avoid making the same mistakes in the future.

If you want to transform your regrets into actionable advice and change the way you live your life, you won’t want to miss this interview with Daniel Pink, bestselling author and expert on regret.

Daniel is the author of five books, most recently The Power of Regret, which outlines how regret can reveal the pathway to living our best life. He is also the creator of The American Regret Project and The World Regret Survey, which have interviewed thousands of people about their biggest regrets in life.

In this episode of YAP, Daniel and Hala talk about why we need regret and what it can teach us. They dive into the four foundational regrets and why people experience regrets of inaction far more than regrets of action. They discuss how to reframe your self-talk in order to cultivate compassion for yourself and how to consult your future self to make informed decisions.

Topics Include:

- “Me search”

- How we process regret

- Counterfactuals

- The only people who don’t have regrets

- Why do we need regret?

- The problem with the ‘no regrets’ worldview

- The American Regret Project

- The World Regret Survey

- Four foundational regrets

- Why we should push past awkwardness

- Regrets of action vs. inaction

- Consulting your future self

- Mental subtraction

- And other topics…

Daniel Pink is a bestselling author, keynote speaker, and thought leader. In 2011, he was named one of Thinkers50’s top 50 most influential minds. He was also the host and co-executive of the television series “Crowd Control,” a National Geogrpahic program about human behavior that aired in more than 10 countries. He also hosts a popular master class on sales and persuasion.

He has written for several notable publications, including Fast Company, The Sunday Telegraph, The New York Times, Harvard Business Review, The Atlantic, Slate, and Wired.

He is the author of seven books, the latest being The Power of Regret: How Looking Backward Moves Us Forward. His books cover topics like business, work, creativity, and behavior. They have won multiple awards, have been translated into 42 languages, and have sold millions of copies around the world.

Resources Mentioned:

YAP episode #50: https://podcasts.apple.com/us/podcast/50-the-science-of-perfect-timing-with-daniel-pink/id1368888880?i=1000459718753

Daniel’s Website: https://www.danpink.com/

Daniel’s Book, The Power of Regret: https://www.danpink.com/the-power-of-regret/

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