An economist is building a formal model to predict the outcome of a wage negotiation between a labor union and a company's management. To effectively model this as a strategic interaction, which of the following elements is LEAST critical to define as a core component of the model's basic structure?
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An economist is building a formal model to predict the outcome of a wage negotiation between a labor union and a company's management. To effectively model this as a strategic interaction, which of the following elements is LEAST critical to define as a core component of the model's basic structure?