Making sense of negotiation and AI: The blossoming of a new collaboration

Abstract

The integration of artificial intelligence (AI), including the recent appearance of revolutionary large language models (LLMs), marks a transformative era in the field of negotiations, reshaping traditional practices and presenting a range of opportunities and challenges. This article delves into the evolving interplay between negotiation and various AI technologies, as they now combine massive computational power with user-friendly interfaces capable of fluent, multi-topic conversations. The article categorizes AI's role in negotiation into assistance, semi-automation, and automation, each offering unique advantages and addressing different negotiation needs. While AI's ability to compensate for human limitations in rationality, emotion, and computational capacity is promising, it also raises concerns regarding biases, ethical considerations, and the reliability of automated decision-making. The burgeoning AI and negotiation collaboration necessitates a balanced approach, harnessing AI's potential to enhance negotiation outcomes while conscientiously navigating its challenges. This article aims to foster understanding of and influence the future trajectory of negotiation and AI, highlighting the need for ongoing research and development to ensure ethical, effective, and equitable negotiation practices in an AI-augmented future.