3 Facts About Bargaining Power


Bargaining power is the relative ability of parties in a situation to exert influence over each other.

Bargaining or haggling is a type of negotiation in which the buyer and seller of a good or service debate the price and exact nature of a transaction.

TheMacroView Episode 46: On the Bargaining Power Myth by TheMacroView


If both parties are on an equal footing in a debate, then they will have equal bargaining power, such as in a perfectly competitive market, or between an evenly matched monopoly and monopsony.

In economics, "competition" is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion.

In economics, a monopsony is a market structure in which only one buyer interacts with many would-be sellers of a particular product.

A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity.

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There are a number of fields where the concept of bargaining power has proven crucial to coherent analysis: game theory, labour economics, collective bargaining arrangements, diplomatic negotiations, settlement of litigation, the price of insurance, and any negotiation in general.

Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Negotiation is a dialogue between two or more people or parties intended to reach a beneficial outcome over one or more issues where a conflict exists with respect to at least one of these issues.

Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers."

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