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A solution to a bargaining problem that maximizes the product of the players' utility gains from their disagreement point.

The fallback outcome if the negotiations fail, typically representing the status quo or the utility the players would get if they don't reach an agreement.

An allocation is Pareto efficient in bargaining if there is no other allocation that makes one player better off without making the other worse off.

A negotiation strategy that seeks to cooperate to achieve a 'win-win' outcome by enlarging the pie rather than distributing it.

The range between the minimum that a seller is willing to accept and the maximum that a buyer is willing to pay.

A graphical representation of the various possible outcomes of a two-person bargaining problem, where utility possibilities are shown and the agreement area is typically between the two parties' indifference curves.

A competitive negotiation strategy that is used to decide how to distribute a fixed resource, such as money, between two parties.