ultimately not formed. Articulation of hypothetical outside options in the bargaining process determines the relative bargaining …

organization and regulate industrial relations to promote equity in bargaining between employers and employees and to promote … conflicts with respect to organizing, collective bargaining, and enforcing collective agreements. Elections, the requirement of … bargaining in good faith, and arbitration were advanced to replace the parties' cruder methods of resolving such conflicts …

or by a joint (encompassing) labour union. Applying the asymmetric Nash bargaining solution, we find that it is …