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Pepperdine Dispute Resolution Law Journal

Settlement

2017

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Utility Function And Rational Choice As Support Mechanisms To Maximize Mediation And Legal Negotiation Settlement Output, Roberto Kuster Oct 2017

Utility Function And Rational Choice As Support Mechanisms To Maximize Mediation And Legal Negotiation Settlement Output, Roberto Kuster

Pepperdine Dispute Resolution Law Journal

This article provides a general negotiation background, establishing some basic definitions such as BATNA, interests, and “Shadow of Law.” Then, it works with the two-step process of utility maximization and rational choice to achieve the optimal settlement output within mediation and legal negotiation processes. Lastly, it points out methods to support the theories in ways that a lawyer could understand and apply correctly. Thus, the article offers an idea for an optimal settlement in a legal negotiation/mediation. It takes the complementary views of recognized authors, from Fisher and Ury’s "how to negotiate" manual, Raiffa's lucid explanation of applied game theory, …