ADR Has Some Advantages for a Company That Makes It

question 44

Essay

ADR has some advantages for a company that makes it a better alternative than litigation in many situations. Name and explain the various methods of ODR and the advantages that ODR has over ADR for some companies.

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Definitions:

Expected Payoffs

The forecasted return on an investment or decision, taken as the weighted average of all possible outcomes, considering their probabilities.

Mixed Strategy Equilibrium

Mixed Strategy Equilibrium is a concept in game theory where each player in a game randomizes over possible moves according to a specific probability distribution, and no player can benefit by changing their strategy unilaterally.

Pure Strategy Equilibria

A situation in game theory where all players have chosen a strategy and have no incentive to change, leading to a stable outcome.

Maximin Strategy

A decision rule used in game theory and decision making to maximize the minimum possible payoff, focusing on minimizing losses in the worst-case scenario.