The perception of dichotic chords is characterized by two unique properties—invariance of the relative salience of the two pitch components with respect to large interaural intensity differences (’’intensity independence’’) and a tendency for the tone delivered to one ear to be relatively more salient (’’ear dominance’’) [Efron and Yund, J. Acoust. Soc. Am. 59, 889–898 (1976)]. A simple model is described which can account for these effects and the changes in the magnitude of these effects as a function of stimulus parameters. The model assumes (1) the existence of tuned frequency specific monaural filters, (2) a compressive intensity‐response function, and (3) a central combination of corresponding monaural channel responses. The model’s performance is not only consistent with all previously published experimental data but also anticipates experimental results described in the two companion papers.