Final answer:
A counteroffer implies the rejection of the original offer and signals new terms to be considered. In negotiations, fair offers are strategic, especially in repeated interactions or face-to-face scenarios, to foster equitable future proposals.
Step-by-step explanation:
If Wiley makes a counteroffer, this is typically understood in the context of contract law as an implied rejection of the original offer. In a negotiation, making a counteroffer puts forth new terms that the original offeror must now consider, effectively nullifying the initial offer. Strategic behavior in negotiations suggests that fair offers are more likely to occur when the players have prior knowledge of each other or when interactions are face-to-face rather than anonymous. Player A, in a strategic negotiation, would want to make fair offers to Player B to avoid future rejections of unfair deals, especially if they are playing multiple times. Player B would be inclined to reject unfair offers to set a precedent that they will not accept such terms in the future, thus encouraging fairer offers. Offers are likely to be more fair, approaching a 50-50 split, in repeated games or personal interactions, as players understand that acceptance of an unfair offer could lead to a series of inequitable proposals.