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Bargaining power is a concept related to the relative abilities of parties in a situation to exert influence over each other. 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. 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. Bargaining power is often expressed as a ratio of a party's ability to influence the other participant, to the costs of not reaching an agreement to that party. BPA(Bargaining Power of A) = (Benefits and Costs that can be inflicted upon B)/(A's cost of not agreeing)
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