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

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.

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

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

The party that negotiates in haste is often at a disadvantage.

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

A final word of advice: don't gloat about how well you have done.