Is it more important to set an actual price when you're negotiating a deal, or to control the terms on which a price is to be set? When James was selling his first company, he ended up with millions less than he anticipated because the other party tipped the scales in their favor. Now, James uses this same technique in his own favor when he's sitting at the negotiating table. Learn more about this technique and how Stephen crowdsourced the asking price of his house on today's Question of the Day.
This episode is sponsored by Warby Parker.

175. Who Sets the First Number in a Negotiation?

Question of the Day is the show for listeners who are short on time and long on curiosity. It is a fast-paced conversation between author and entrepreneur James Altucher and Freakonomics co-author Stephen Dubner: two smart, unconventional thinkers who have been talking together for years, often over a long-running backgammon match. Now they are letting you in on the game, too. You will quickly become addicted to their wonderful, wry observations as they ponder each Question of the Day. The answers await you every Tuesday, Wednesday and Thursday.