In business disputes, parties often set up models to calculate their risks in deriving a value for their case (or their opponent’s case). A good mediator understands the limits and potential problems with such probabilistic calculations. Most lawyers hate math. In fact, there is a small niche in academia that debates the use of mathematics in the court room because it is frequently misused. See e.g. “Trial by Mathematics: Precision and Ritual in the Legal Process” (84 Harvard Law Review 1329 [1970-71]). Probability problems often appear to be simple, but can be more complex than people understand, which can adversely impact their settlement expectations. Want to play an interactive game that illustrates the problem and possibly win a discount on your next mediation? For best results, use Google Chrome, Firefox or Safari to play the game.
In business disputes, parties often set up models to calculate their risks in deriving a value for their case (or their opponent’s case). A good mediator understands the limits and potential problems with such probabilistic calculations. Most lawyers hate math. In fact, there is a small niche in academia that debates the use of mathematics in the court room because it is frequently misused. See e.g. “Trial by Mathematics: Precision and Ritual in the Legal Process” (84 Harvard Law Review 1329 [1970-71]). Probability problems often appear to be simple, but can be more complex than people understand, which can adversely impact their settlement expectations. Want to play an interactive game that illustrates the problem and possibly win a discount on your next mediation? For best results, use Google Chrome, Firefox or Safari to play the game.
In business disputes, parties often set up models to calculate their risks in deriving a value for their case (or their opponent’s case). A good mediator understands the limits and potential problems with such probabilistic calculations. Most lawyers hate math. In fact, there is a small niche in academia that debates the use of mathematics in the court room because it is frequently misused. See e.g. “Trial by Mathematics: Precision and Ritual in the Legal Process” (84 Harvard Law Review 1329 [1970-71]). Probability problems often appear to be simple, but can be more complex than people understand, which can adversely impact their settlement expectations. Want to play an interactive game that illustrates the problem and possibly win a discount on your next mediation?