Max Bazerman

So it very much is a story of, I won the auction, but I don't want the prize, because the overall story that he inherits as a result of winning is not a very positive story. And it's now looked back on as sort of an example of irrational negotiation.

Frontier made an offer to acquire Spirit Airlines. These are two poorly rated airlines. Financially, they weren't doing great. JetBlue... A airline that often had very good ratings for customer service and was doing fine financially decides that it wants to enter the low-cost market in a more serious way to potentially challenge Southwest Airlines, a leader in the U.S. low-cost space.

Frontier made an offer to acquire Spirit Airlines. These are two poorly rated airlines. Financially, they weren't doing great. JetBlue... A airline that often had very good ratings for customer service and was doing fine financially decides that it wants to enter the low-cost market in a more serious way to potentially challenge Southwest Airlines, a leader in the U.S. low-cost space.

Frontier made an offer to acquire Spirit Airlines. These are two poorly rated airlines. Financially, they weren't doing great. JetBlue... A airline that often had very good ratings for customer service and was doing fine financially decides that it wants to enter the low-cost market in a more serious way to potentially challenge Southwest Airlines, a leader in the U.S. low-cost space.

And they make an offer for Spirit that's more attractive than the Frontier offer. We get multiple rounds of bidding over an extended period of time in this story. And eventually, JetBlue seems like it won the auction. But in the process, the stock value of JetBlue plummeted by more than 50%. JetBlue kind of repositioned itself to be more of a low-cost airline, lowering quality of service.

And they make an offer for Spirit that's more attractive than the Frontier offer. We get multiple rounds of bidding over an extended period of time in this story. And eventually, JetBlue seems like it won the auction. But in the process, the stock value of JetBlue plummeted by more than 50%. JetBlue kind of repositioned itself to be more of a low-cost airline, lowering quality of service.

And they make an offer for Spirit that's more attractive than the Frontier offer. We get multiple rounds of bidding over an extended period of time in this story. And eventually, JetBlue seems like it won the auction. But in the process, the stock value of JetBlue plummeted by more than 50%. JetBlue kind of repositioned itself to be more of a low-cost airline, lowering quality of service.

Customer ratings fell. And then... Eventually, the government doesn't allow the merger to go through based on antitrust issues. So the deal falls apart. And Spirit and all this confusion and turmoil did not do well either. And in November of 2024, filed for bankruptcy.

Customer ratings fell. And then... Eventually, the government doesn't allow the merger to go through based on antitrust issues. So the deal falls apart. And Spirit and all this confusion and turmoil did not do well either. And in November of 2024, filed for bankruptcy.

Customer ratings fell. And then... Eventually, the government doesn't allow the merger to go through based on antitrust issues. So the deal falls apart. And Spirit and all this confusion and turmoil did not do well either. And in November of 2024, filed for bankruptcy.

As a pleasant, earnest, future pitching superstar bound for the major leagues.

As a pleasant, earnest, future pitching superstar bound for the major leagues.

As a pleasant, earnest, future pitching superstar bound for the major leagues.

Yeah, so basically the agent convinces young Mr. Harrington and his parents that he's worth a very large amount of money. They agree to put a price tag at a very high number that they're – assuming that the baseball team will eventually cave in, and unfortunately, they don't. And Tanzer basically encourages Harrington to be patient and wait for them to cave.

Yeah, so basically the agent convinces young Mr. Harrington and his parents that he's worth a very large amount of money. They agree to put a price tag at a very high number that they're – assuming that the baseball team will eventually cave in, and unfortunately, they don't. And Tanzer basically encourages Harrington to be patient and wait for them to cave.

Yeah, so basically the agent convinces young Mr. Harrington and his parents that he's worth a very large amount of money. They agree to put a price tag at a very high number that they're – assuming that the baseball team will eventually cave in, and unfortunately, they don't. And Tanzer basically encourages Harrington to be patient and wait for them to cave.

And under the rules of the Major League Baseball system, a potential employee can only negotiate with one team in any specific year. And basically, Tanzer and Harrington pushed the team to the limit, and the team eventually says no.

And under the rules of the Major League Baseball system, a potential employee can only negotiate with one team in any specific year. And basically, Tanzer and Harrington pushed the team to the limit, and the team eventually says no.

And under the rules of the Major League Baseball system, a potential employee can only negotiate with one team in any specific year. And basically, Tanzer and Harrington pushed the team to the limit, and the team eventually says no.

And when that occurs, that basically means this superstar, who's been offered many millions of dollars in a variety of different forms, ends up being unemployed for the following year.