Negotiation is a a delicate art. Whether you are buying something, or trying to strike some sort of deal.

Trouble is most people are not that good at it, according to a Duke University and university of chicago study.

The study found that most people walk away thinking that they struck harder bargains than they actually do because of what the researchers call "asymmetric disconfirmation". It's where you are hostage to whatever feedback you get during the negotiation process.

There is actually a special skill that goes into negotiation. Many years ago, I was the union negotiator for the journalists at my news organization so I was alway being sent away to talk and work out deals. At one stage, it included negotiating with Conrad Black's henchmen as Black was at that time a part-owner. But maybe I'll talk about that another time.

I like to think I was fairly successful because of three rules that I always employed.

The first was the "Michael Corleone principle": it's nothing personal and whatever they say, don't take it personally. It's just business.

The second: never ever back the other party into a corner. Give them room to move and come up with something that saves face and leaves them with some dignity. When people feel they are backed into a corner, they are less likely to compromise.

The final point goes to the heart of this study. At all times, ask yourself where the other party is coming from. What's their bottom line? What would they want to achieve? What's the best possible outcome for them?