This week's lesson introduced the concept of arbitration. Consider and comment on the following questions:

1. Recall the dispute that was the subject of your answer to the Week 3 discussion. Now suppose that instead of mediation, you have to arbitrate the same dispute. Would you prefer a binding orincentivearbitration structure?Does it depend on the nature of the dispute? Or the disputants?Explain your choice.
2. Based on your answer to #1, which type of award model would you prefer for your dispute? Would you allow the arbitrator to have unrestricted discretion? Would you instead prefer to set mutual limits on such awards? Or would you rather use a 'final offer selection'-type strategy? Explain your answer.