We know that people strike bargains and that civilized life could not proceed otherwise. We do not know how bargains are struck. We have no explanation of bargaining, comparable to the general equilibrium in the economy, accounting for essential features of bargaining as we know it with...

We know that people strike bargains and that civilized life could not proceed otherwise. We do not know how bargains are struck. We have no explanation of bargaining, comparable to the general equilibrium in the economy, accounting for essential features of bargaining as we know it with...

Economists do not understand how bargains are struck. A bargain is the sharing of a pie between two or more people who are collectively entitled to the pie but cannot appropriate it until they agree how large each person's slice is to be. We know that people do strike bargains and that civilized...

Economists do not understand how bargains are struck. A bargain is the sharing of a pie between two or more people who are collectively entitled to the pie but cannot appropriate it until they agree how large each person's slice is to be. We know that people do strike bargains and that civilized...