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The Nature of the Bargaining Process

In: The Theory of Wage Determination

Author

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  • G. L. S. Shackle

    (University of Liverpool)

Abstract

The observer of a bargaining process sees two parties who in turn suggests the details of a plan of action in which each is to have a part. The central type of such plans is the exchange of goods or services for money. The process ends when a plan is found to which each party will commit itself on condition that the other is also committed. To such an observer the following questions would inevitably arise: (1) Why does each party repeatedly reject the plans suggested by the other? (2) On what principles does each party decide what kind and size of differences to make between one member and the next of its own series of plans? (3) What governs the length of time which elapses between a bid by one party and the next bid by the other? (4) Does each party determine the whole series of its own suggestions in advance or does it decide each step in the light of both parties’ previous steps? (5) On what grounds does each party decide what kind of plan shall begin and what kind shall end its own series? (6) Why is the bargaining process sometimes abandoned without agreement? (7) Why does not each party reveal to the other the whole series of its plans from the start?

Suggested Citation

  • G. L. S. Shackle, 1957. "The Nature of the Bargaining Process," International Economic Association Series, in: John T. Dunlop (ed.), The Theory of Wage Determination, chapter 0, pages 292-314, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-15205-6_19
    DOI: 10.1007/978-1-349-15205-6_19
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    Cited by:

    1. repec:eee:labchp:v:2:y:1986:i:c:p:1039-1089 is not listed on IDEAS
    2. Henry S. Farber, 1984. "The Analysis of Union Behavior," NBER Working Papers 1502, National Bureau of Economic Research, Inc.

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