Which of the Following Is Not True Regarding Mediators and Arbitrators

question 33

Multiple Choice

Which of the following is not true regarding mediators and arbitrators?

• A) They are neutral third parties.
• B) Arbitrators make the decision, while mediators help the two parties come to a solution.
• C) They are generally brought in when conflict has become so complex that a more formalized dispute resolution method is needed.
• D) They are generally less expensive than an ombudsman or peer review.

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Definitions:

Behavioral Economics

An area of study that combines insights from psychology with economic theory to better understand decision-making by individuals and institutions.

Status Quo Effect

The tendency for individuals to prefer to keep things as they are rather than change, often driven by loss aversion and decision-making biases.

Invisible Hand

The tendency of competition to cause individuals and firms to unintentionally but quite effectively promote the interests of society even when each individual or firm is only attempting to pursue its own interests.

Behavioral Economics

A branch of economics focusing on how psychological, cognitive, emotional, cultural, and social influences impact the economic choices made by individuals and institutions.