Yes, and this parallels real negotiation. If the two sides sufficiently trust each other, you show each other your term sheets (basically utility functions), find the Pareto optimum set of solutions and then pick a point on that line.

For sufficiently reliably repeated interactions that don't vary too much in size, with agents with whom trust is in context total, from what I can tell optimum real world behavior is isomorphic to MWBS with a meta-negotiation over the ratio. As these conditions get closer to yours, your behavior should approach MWBS.