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Nash Bargaining and Strategy

This paper proposes the Nash program on the theory of bargaining as a common ground for the integration of “value capture” and “stakeholders” theories of strategy into a unified framework. We argue that neither the theories of strategy nor the Nash program, sufficiently acknowledge the relevance of transaction costs in the implementation of the negotiation processes that result in the individual and collective outcomes. The paper outlines a governance-management system with the mission of implementing the Nash bargaining solution in terms of wealth creation and wealth allocation, that would take the place of strategic bargaining and would save in transaction costs. Finally, the paper demonstrates that prices matter in the analysis of value creation and appropriation.