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Note. Both final price and impasse risk (shown on y-axis) depend on the buyer’s first offer magnitude (shown on x-axis). First offer magnitude ranges from very modest on the left (first offers close to 100% of the listing price) to very aggressive on the right (first offers less than 1% of the listing price). The green line shows the percentage of negotiations that end in an impasse given the first offer magnitude and the blue line shows how high the negotiated final price is if the negotiation ends with an agreement instead of an impasse. The final price is calculated as a percentage of the seller’s listing price.

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