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What is the fair way to distribute resources? Past research documents widespread egalitarianintuitions. Charitable donations show the prevalence of redistributive concerns. For recentcontractualist accounts of moral cognition, however, moral judgments should coincide with whatrational agents would agree to in a negotiation, and reflect each party’s relative bargainingpower. How can these perspectives be reconciled? We suggest a key difference lies in whetherthe logic of bargaining drives the underlying interaction, turning existing asymmetries intobargaining power differences. Participants (n = 887) make third-party judgments about themorally best split of a fixed amount. When the context is one of bilateral (Study 1) or third-party(Study 2) negotiation, moral judgments overwhelmingly track bargaining power differences, andcan be predicted with striking quantitative precision. In a closely matched donation setting inwhich the logic of bargaining is irrelevant, moral intuitions are completely reversed, insteadreflecting redistributive or egalitarian concerns.