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A seller trades withqout ofnbuyers who have valuationsa₁ ≥ a₂ ≥ ⋯ ≥ a_n > 0 via sequential bilateral bargaining. Whenq < n, buyer payoffs vary across equilibria in the patient limit, but seller payoffs do not, and converge to max_l≤q+1[(a₁+a₂+⋯+a_l−1)/2+a_l+1+⋯+a_q+1]. Ifl^*is the (generically unique) maximizer of this optimization problem, then each buyeri < l^*trades with probability 1 at the fair pricea_i/2, while buyersi ≥ l^*are excluded from trade with positive probability. Bargaining with buyers who face the threat of exclusion is driven by asequential outside option principle: the seller can sequentially exercise the outside option of trading with the extra marginal buyerq + 1, then with the new extra marginal buyerq, and so on, extracting full surplus from each buyer in this sequence and enhancing the outside option at every stage. A seller who can serve all buyers (q = n) may benefit from creating scarcity by committing to exclude some remaining buyers as negotiations proceed. Anoptimal exclusion commitment, within a general class, excludes a single buyer but maintains flexibility about which buyer is excluded. Results apply symmetrically to a buyer bargaining with multiple sellers.