The Art of Bargaining, So Lost Upon Washington.

ALMOST everyone agrees about one thing these days: Congress is malfunctioning. To help our representatives escape from their current morass, I suggest that they read ''An Essay on Bargaining,'' the classic 1956 article by Thomas Schelling, the Nobel laureate economist. It is profound, and it doesn't contain a single equation. The article's primary theme is that the key to success in many bargaining situations is the ability to commit to a future course of action. In this analysis, the Senate ''won'' the payroll tax cut showdown late last year by passing a bill and then going home for the holidays. This was a highly credible ''take it or leave it'' offer. [ABSTRACT FROM AUTHOR]