About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

52 U. Mich. J. L. Reform Online 1 (2018)

handle is hein.journals/caveat52 and id is 1 raw text is: RUNNING IT TWICE (OR THRICE): DOUBLE-HEADER, TRIPLE-HEADER, AND REVERSE BASEBALL ARBITRATION Michael J. Hasday* Abstract: This Essay illustrates how the Running It Twice concept that makes poker games less of a gamble can also be used in another forum where large amounts of money can be at stake: arbitrations. I introduce three new forms of arbitration based on this concept: Double-Header Baseball Arbitration, Triple-Header Baseball Arbitration, and Reverse Baseball Arbitration. In this Essay, I show that that these new forms of arbitration are superior to current methods because they result in what the average or median qualified arbitrator would award-thereby making arbitration more accurate, predictable, and fair. INTRODUCTION Imagine you are on the game show, Heads or Tails. The rules of this game show are quite simple. The game show host flips a coin. Heads you get a million dollars. Tails you get nothing. Being a risk averse sort, you would probably want to sell your spot on this game show for something approaching $500,000, the expected value of your payout. But, unfortunately, that is not permitted. However, you are allowed an option that is almost as good: you can have the game show host flip the coin up to 100 times, with each head proportionately less rewarded. For example, you could have the host flip the coin twice, with the payout for heads set at $500,000; ten times, with the payout for heads set at $100,000; or 100 times, with the payout for heads set at $10,000 (the payout for tails for every version remains at $0.) Under each of these options, the expected value of the game re- © 2018, Michael J. Hasday. Associate, Anderson & Ochs, LLP. Juris Doctor, Northwestern Pritzker School of Law, 2001. Thanks to Carol M. Hasday, Joni Hasday, Robert J. Hasday, and Hannah Rubashkin for their help- ful comments. All views expressed, and any mistakes made, are my own. Correspondence may be sent to: mikehasday@gmail.com. 1. To calculate the expected value of a game, each possible outcome of the game is multiplied by its probability. The sum of all of these products is the expected value of the game. I

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most