This paper develops an explanation of why bargainers often terminate negotiations in disagreement in spite of positive expected gains from continued negotiations. The key to the analysis is a model that embeds bargaining activity within a market. Agents are continually faced with the choice between continuing to bargain with an existing partner or searching for a new partner. Bargainers may then terminate negotiations without an agreement, in spite of positive expected.gains from continued bargaining, because seeking a new bargaining partner promises a higher return. Copyright 1992 by The Review of Economic Studies Limited.
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Volume (Year): 59 (1992) Issue (Month): 1 (January) Pages: 177-85 Download reference. The following formats are available: HTML
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