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For the following question
Consider a simultaneous move game between a union and a company.If both the parties bargain hard,each would gain nothing.If only one party bargains hard the accommodating party gets a profit of $1 million while the bargaining party gets a $5 million,while if they both accommodate,they each get $3 million.
-What would be the Nash equilibrium of this game?
Negotiating Parties
The individuals, groups, or organizations involved in the negotiation process, each with their own interests and goals.
Relative Power
The measure of influence or control one party has in relation to another within a specific context or situation.
Management Control
Management control involves the processes and strategies used by organizational leaders to direct resources and guide the organization towards its objectives.
Contract Clauses
Specific provisions or conditions outlined in a contract that dictate the obligations, rights, and duties of the parties involved.
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