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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Week 5 Arbitration Choices

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Q This week's lesson introduced the concept of arbitration. Consider and comment on the following questions: 1. Recall the dispute that was the subject of your answer to the Week 3 discussion. Now suppose that instead of mediation, you have to arbitrate the same dispute. Would you prefer a binding or incentive arbitration structure? Does it depend on the nature of the dispute? Or the disputants? Explain your choice. 2. Based on your answer to #1, which type of award model would you prefer for your dispute? Would you allow the arbitrator to have unrestricted discretion? Would you instead prefer to set mutual limits on such awards? Or would you rather use a 'final offer selection'-type strategy? Explain your answer.

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1. In case of my dispute between an individual and me about confusion of the date of returning borrowed money by the individual, I would prefer incentive arbitration structure. This is because the individual and me will know that there will have to be a penalty incurred by me and that individual on not listening to the final decision made by the arbitrator. There cannot be litigation resorted to after agreeing to participate into incentive arbitration. The dispute between me and the individual does not require litigation to participate into. Therefore, there will not be any scope for me or the individual to enter into litigation.