Optimal Starting Prices for Negotiations and Auctions –Mind Hacks discussion of a research paper on whether high or low initial prices lead to higher price outcomes in negotiations and online auctions. Many negotiation books recommend waiting for the other side to offer first. However, existing empirical research contradicts this conventional wisdom: The final outcome in single and multi-issue negotiations, both in the United States and Thailand, often depends on whether the buyer or the seller makes the first offer. Indeed, the final price tends to be higher when a seller (who wants a higher price and thus sets a high first offer) makes the first offer than when the buyer (who offers a low first offer to achieve a low final price) goes first.
WiFi Science History — Australian scientist studies black holes in the 70s, has to develop a way of piecing together signals that have been distorted as they travel through space. Realizes, when he starts playing with networked computers in the late 80s, that this same technique would let you “cut the wires”. A decade later it emerged as a critical part of wireless networking. As Aaron Small says, it shows the value of basic research, where you don’t have immediate applications in mind and can’t show short-term deliverables or an application to a current high-value problem.