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A bilateral negotiation model of technology pricing

A bilateral negotiation model is presented to study the negotiation process involved in arriving at a price in a technology transfer transaction. It is assumed that each side in the negotiation knows his/her own reservation price and has an estimate of the other side's reservation price. An estimate for the other side's desired price at each round of the negotiation is developed and a rule is established for accepting the next offer/counteroffer made by the other side. A numerical example is used to illustrate the application of the negotiation model.