Each party tended to view its own chances in court as better than the other side viewed them.
Howard Raiffa
Game theory, however, deals only with the way in which ultrasmart, all knowing people should behave in competitive situations, and has little to say to Mr. X as he confronts the morass of his problem.
people game games
Most people, even in simple risky situations, don't behave the way the theory of utility would have them behave.
people
It's worth repeating here, though, because we are talking about mechanisms for resolving conflict and many people don't realize it's impossible to devise a foolproof scheme.
worth people
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.
order art
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.
society
chance
After a little reflection, the best strategy becomes clear: bid aggressively up to a maximum cutoff value and then quit.
strategy
Final-offer arbitration should have great appeal for the daring (the risk seekers) who play against the timid (the risk avoiders).
daring
The party that negotiates in haste is often at a disadvantage.
haste
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