The best practical advice then is: try to maximize your expected payoff, which is the sum of all payoffs multiplied by probabilities.

Final-offer arbitration should have great appeal for the daring (the risk seekers) who play against the timid (the risk avoiders).

Most people, even in simple risky situations, don't behave the way the theory of utility would have them behave.

A lot depends on the starting point.

We act like a zero-sum society, when in reality there is a lot of non zero-sum fat to be skimmed off to everyone's mutual advantage.

The best practical advice then is: try to maximize your expected payoff, which is the sum of all payoffs multiplied by probabilities.

The art of compromise centers on the willingness to give up something in order to get something else in return. Successful artists get more than they give up.