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Optimal Arbitration

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Author(s)

Tymofiy Mylovanov, Andriy Zapechelnyuk

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Abstract

We study common arbitration rules for disputes of two privately informed parties, final offer and conventional arbitration. Conventional arbitration is shown to be an optimal arbitration rule in environments with transferable utility, while final offer arbitration is optimal if utility is nontransferable and the parties' interests are not too aligned. These results explain the prevalence of both arbitration rules in practice. © (2013) by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Original languageEnglish
Pages (from-to)769-785
Number of pages17
JournalInternational Economic Review
Volume54
Issue number3
DOIs
StatePublished - Aug 2013

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