Meza, David De; Lockwood, Ben - In: The Quarterly Journal of Economics 113 (1998) 2, pp. 361-386
This paper studies the Grossman-Hart-Moore (GHM) "property rights" approach to the theory of the firm under alternating-offers bargaining. When managers can pursue other occupations while negotiating over the division of the gains from cooperation, the GHM results obtain. If taking the best...