CBS.MarketWatch
The Art Of Haggling

By Kristen Gerencher

SAN FRANCISCO (CBS.MW) - For some, haggling on a price is instinctive, while for others it's a game. For many, it means the difference in being able to afford a desired purchase or not.

Know what your walk-away price is and stick to it. "If you don't, you're likely to get pushed to go beyond where you're comfortable," said Barbara Gray, director of Penn State's Center for Research in Conflict and Negotiation at the Smeal College of Business.

Wait. Despite a cultural proclivity to get in and out of a transaction quickly, patience pays off when haggling, Gray said. "People don't feel comfortable waiting very long for a response. We get antsy because we're not used to haggling, and so we're uncomfortable waiting out the other party."

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REPORTERS & EDITORS: For more information, please contact Wyatt DuBois in the Smeal College of Business Media Relations Office at 814-863-3798 or wed112@psu.edu .

Penn State's Smeal College of Business offers highly ranked undergraduate, MBA, executive MBA, Ph.D., and executive education opportunities to more than 5,500 students at all levels. Featuring academic departments of accounting, finance, marketing, insurance and real estate, management, and supply chain and information systems, the college is also home to major research centers such as the Center for Supply Chain Research, the Institute for the Study of Business Markets, the eBusiness Research Center, the Farrell Center for Corporate Innovation and Entrepreneurship, the Center for Global Business Studies, and the Center for the Management of Technological and Organizational Change.

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