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by praving5 1548 days ago
I learned about this in the negotiation course [0] by Prof. George Siedel.

It is also called as BATNA - Best Alternative to a Negotiated Agreement (BATNA). This is evaluating what is your best alternative if the deal does not get through. In a negotiation, you would want to strengthen your BATNA and weaken other's BATNA. The course was amazing.

[0] - https://www.coursera.org/learn/negotiation-skills