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Final offer arbitration is best known for its use in salary arbitrations for major league baseball players. It is not suited for evaluating railroad economics consistent with governing statutory provisions. In the case of baseball, final-offer arbitration involves negotiation and counter-proposals.
Final-offer arbitration (FOA) is a widely used binding dispute resolution mechanism, where an impartial arbitrator is constrained to choose one of the two final offers pro- posed by two disputing parties. We build an equilibrium model of FOA with agents averse to arbitral uncertainty to study three important issues: the role of FOA in incentivizing negotiated settlements, convergence of final offers, and the effect of diversity of arbitrator opinion on welfare. Uncertainty increases the likelihood of non-arbitrated settlement and make the final offers converge to each other. Risk aversion is not necessary. Precision and mean of arbitral uncertainty matter differently and can be con- trolled separately. Moreover, as also argued by the industry practitioners, diversity (of opinion) in the arbitrator pool increases the welfare of negotiating parties.
Final-offer arbitration is a way to solve a disagreement where each side has to give their final offer to an arbitrator, who then chooses only one. This makes both sides want to make a fair offer or risk the arbitrator choosing the other side's offer. It's used to prevent the arbitrator from making a compromise decision that's not satisfactory to either side.
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Definition: Final-offer arbitration is a type of dispute resolution where each party must submit a "final offer" to the arbitrator, who can only choose one. This type of arbitration is used to counteract arbitrators' tendency to make compromise decisions halfway between the two parties' demands.
These examples illustrate how final-offer arbitration works. Each party has an incentive to make a reasonable offer because the arbitrator can only choose one. This type of arbitration can be useful in situations where the parties are far apart in their demands and need a neutral third party to make a final decision.
This consumer-focused brochure is designed for use by REALTORS to inform buyers and sellers of the potential consequences of multiple offer situations. It was approved by the Professional Standards Committee at the 2005 Annual Convention in San Francisco and is excerpted from the Presenting and Negotiating Multiple Offers white paper found in NAR's Code of Ethics and Arbitration Manual.
Perhaps no situation facing buyers or sellers is more potentially frustrating or fraught with potential for misunderstanding and for missed opportunity than presenting and negotiating multiple, competing offers to purchase the same property. Consider the following issues and dynamics:
RACINE, Wis. (CBS 58) -- After eight months of striking to demand better pay, safety and healthcare, hundreds of union workers in Racine, WI and Burlington, IA, have voted to reject a "last, best, and final" offer from CNH Industrial.
Final-Offer Arbitration (FOA) is a dispute settlement procedure in which an arbitrator chooses one side's final position as the resolution. Game-theoretic models of FOA in two-sided interest disputes are reviewed, especially models of the disputants' final offer choices under uncertainty about the arbitrator's preferences. The extent to which the Brams-Merrill Theorem (1986) reveals optimal strategic behavior under FOA, and the implications for efficiency and equity, are assessed. Analysis of a model not satisfying the hypotheses of the Theorem suggests that, for some arbitrators, FOA can have an undesirable tendency. Another game model is used to address the question of how disputants' differential risk-aversion is reflected in their strategic behavior, and in the fairness of FOA outcomes. This calculation clarifies some apparently contradictory empirical evidence about FOA.
The contents of the documents are for your information only. The Draft Red Herring Prospectus does not constitute an offer to sell or an invitation to subscribe to the securities offered in any jurisdiction to any person to whom it is unlawful to make an offer or invitation in such jurisdiction. This Offer is made for the securities of a non-US issuer. The Offer is subject to disclosure requirements of India that are different from those of the United States. The financial information included in the documents was excerpted from financial statements prepared in accordance with non-US accounting standards that may not be comparable to the financial statements of United States companies. The documents have not been filed with or reviewed by the US Securities and Exchange Commission or any US state securities regulator.
The annual wage increases are: Year 1: 24.3% Year 2: 10% Year 3: 8.5% Year 4: 3% The Philharmonic also proposed a signing bonus of $1,000 for each Musician following a contract agreement. Committed to bringing the strike to an end so that music can return to its stage, Philharmonic management increased the wage offer to 45.8%. The Philharmonic also proposed maintaining one musician seat that was on the schedule to phase out through attrition. Leaders said it is necessary for flexibility and innovation to be afforded to management in exchange for the wage increases. If the Musicians do not accept the best and final offer by the January 10 at 11 p.m. deadline, the Philharmonic is prepared to cancel the January 28 concert due to the time required to prepare and present concerts using the full orchestra. The financial loss of over $300,000 with the cancellation of the Holiday Pops and Messiah concerts in December makes it necessary for the Philharmonic to take cost-saving measures including no longer paying for the employer-sponsored health insurance for the Musicians, who have received the benefit during this work stoppage, if an agreement is not reached prior to the deadline. The Philharmonic is meeting with the Musicians on January 10 and available to clarify or answer any questions union representatives may have regarding the final offer.
Posted documents should be sent in sealed envelopes bearing the signature/stamp of the responsible person. They should be on official university headed paper. If the original document is not in English, we must receive the original and an official translation, signed and stamped by a translator. The LSE Language Centre offers a translation service.
You may submit the completed proof of degree form, signed and stamped by your institution, or a final transcript stating that your degree has been awarded with the final grade and date of award. Your transcript can be emailed to us by your institution to graduate.documents@lse.ac.uk, or sent electronically, as mentioned above.
You will have submitted an unofficial transcript with your application and you will be required to submit an original or certified copy if made an offer. We recommend that official documents should be sent electronically wherever possible, i.e. emailed directly from your previous institution to graduate.documents@lse.ac.uk, or from an official online service, such as HEAR, Digitary, GMAT or TOEFL.
You may also be required to confirm that you have been awarded your degree with a particular grade or classification. If your degree transcript does not confirm your final grade and date of award, you should ask your institution to complete the proof of degree form.
Your results will be released to the Graduate Admissions Office within the same week that you receive them. If you do not meet the condition, then your file will be sent to the Department in order for them to make a final decision regarding your application.
Please note that the CHESICC requirement acts as official proof of your documents, but your offer can be made unconditional before we receive it. Please see "What is the difference between a conditional and unconditional offer" in the Offer Pack.
Before applying for your reports, you must have your individual LSE application ID number. You will find the number on your offer email/letter. You will need your number when requesting your documents through the CHSI Website.
Please note that if you have not yet finished your qualification, once your final results are available, you will need to apply for a follow up report of your final transcript and proof of qualification to fulfil any offer conditions. An additional verification fee will be payable.