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Goltsman, Maria, Hörner, Johannes, Pavlov, Gregory and Squintani, Francesco (2008) Mediation, arbitration and negotiation. In: Invited Speaker : Roy-Adres Seminar, Paris School of Economics, 14 Jan 2008 (Unpublished)
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Official URL: http://dx.doi.org/10.1016/j.jet.2008.08.010
Abstract
We compare three common dispute resolution processes – negotiation, mediation, and arbitration – in the framework of Crawford and Sobel [V. Crawford, J. Sobel, Strategic information transmission, Econometrica 50 (6) (1982) 1431–1451]. Under negotiation, the two parties engage in (possibly arbitrarily long) face-to-face cheap talk. Under mediation, the parties communicate with a neutral third party who makes a non-binding recommendation. Under arbitration, the two parties commit to conform to the third party recommendation. We characterize and compare the optimal mediation and arbitration procedures. Both mediators and arbitrators should optimally filter information, but mediators should also add noise to it. We find that unmediated negotiation performs as well as mediation if and only if the degree of conflict between the parties is low.
| Item Type: | Conference Item (Paper) |
|---|---|
| Subjects: | H Social Sciences > HB Economic Theory |
| Divisions: | Faculty of Social Sciences > Economics |
| Date: | 14 January 2008 |
| Number of Pages: | 24 |
| Identification Number: | 10.1016/j.jet.2008.08.010 |
| Status: | Not Peer Reviewed |
| Publication Status: | Unpublished |
| Access rights to Published version: | Restricted or Subscription Access |
| Conference Paper Type: | Paper |
| Title of Event: | Invited Speaker : Roy-Adres Seminar |
| Type of Event: | Other |
| Location of Event: | Paris School of Economics |
| Date(s) of Event: | 14 Jan 2008 |
| Related URLs: | |
| URI: | http://wrap.warwick.ac.uk/id/eprint/45081 |
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