A "tour de force" of theoretical reasoning, this book presents
the most advanced analytical model of the bargaining process so far
conceived. Focused essentially on the dynamics of the bargaining
process, Coddington's model employs elements of several conceptual
constructs--individual decision-making, theories of expectations
and their adjustment, and environment concepts--to explain the
nature of consistency in a bargainer's system of expectations and
intentions.
The book begins with a description of the bargaining process in
an economic context and establishes an analytical framework. There
follows a critical survey of bargaining theory in which the author
selects those concepts, which he finds most valid and most
applicable to his decision-making/expectation/adjustment model. The
internal consistency of a wide class of bargaining models is then
examined in a chapter on the relationship between decision-making
and expectations. Since the theory of games has been used as a
basis for bargaining process theory, the author devotes a chapter
to an examination of the game-theoretic approach and an assessment
of its value relative to his own approach.
The author concludes with a study of the specific capabilities
of his own analytical model, with discussion of the possible
combinations of assumptions with which the investigator may work.
Although stemming from a problem in economic theory and of
immediate intent to economists, the book's contribution to the
general theory of conflict process and interdependent
decision-making make it an important study for students of politics
and international affairs as well as management and labor relations
specialists.
"Alan Coddington" received his Ph.D. from the University of York
where the research for this book was conducted. He is lecturer in
economics, Queen Mary College, London, and is co-author of "The
Elementary Ideas of Game Theory."
"G. L. S. Shackle" (1903-1992) was Brunner Professor of
Economic Science at the University of Liverpool and was widely
known for a succession of major contributions to economic studies,
including "Expectation in Economics, Economics for Pleasure, A
Scheme of Economic Theory," and "The Years of High Theory."
General
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