Economic models assume that negotiators are rational utility maximizers, while structural models assume that third-party impasse procedures and constituency pressures explain negotiator behiavor. Personality approaches have focused on how such variables as cognitive complexity, risk-taking behavior, and risk perception of the negotiator affect the bargaining process. Finally, behavioral systems approaches consider the effects of economic, structural, and personality variables. It is suggested that viewing negotiation as a decisionmaking process can supplement and expand the understanding of failures to reach agreement provided by the other four perspectives. This approach identifies several judgmental deficiencies, biases, or cognitive limitations that may contribute to the negotiator's success and willingness to compromise. These include how the interaction is framed (gains vs. losses), the relative salience of associated costs, and overconfidence in one's own judgmental accuracy. From this perspective, the negotiation process may be significantly affected by cognitive shortcuts which negotiators' use to reduce the amount of information processed. To the extent that negotiation is a continuous process with clear and unambiguous feedback, the effect of these decisional biases will be reduced with experience. Included are 79 references.