(The Cod Wars) The disagreement between the United Kingdom and Iceland over fishing rights off the coast of Iceland, reflect on the negotiation process and answer the following questions:

• In your opinion, what are the advantages and disadvantages of making the first offer in this case?
• What was the walk-away alternative (the threat)?
• How did the parties counter the threat?
• What opportunities did you see for the UK to split the difference and minimize the risks?
• What was the perception of power in this negotiation?
• Which party needed the other the most (BATNA)?

Please put in bullet points