OPTIMAL ARBITRATION
研究了最终要约仲裁和常规仲裁两种常见仲裁规则，发现常规仲裁在可转移效用环境下最优，而最终要约仲裁在不可转移效用且双方利益不太一致时最优，解释了两种规则在实践中的普遍性。
We study common arbitration rules for disputes of two privately informed parties, final offer and conventional arbitration. Conventional arbitration is shown to be an optimal arbitration rule in environments with transferable utility, while final offer arbitration is optimal if utility is nontransferable and the parties’ interests are not too aligned. These results explain the prevalence of both arbitration rules in practice.