The Nature of the Bargaining Process

G. L. S. Shackle
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G. L. S. Shackle: University of Liverpool

Chapter Chapter 19 in The Theory of Wage Determination, 1957, pp 292-314 from Palgrave Macmillan

Abstract: 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?

Keywords: Wage Rate; Trade Union; High Wage; Bargaining Process; Inducement Curve (search for similar items in EconPapers)
Date: 1957
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DOI: 10.1007/978-1-349-15205-6_19

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