Please read the article Settling Legal Conflicts EBayStyle o

Please read the article “Settling Legal Conflicts, EBay-Style” on page 28 of the July 4 – 10, 2016 Issue ofBusinessweek. This article is available at UHV online library website. You may search by the title after login to the system. Please discuss why dispute-resolution tools similar to those used by online merchants are gaining wider acceptance in many countries. What is your opinion toward such trend?

Solution

An achievement of every startup depends on how professionally it can monetize value, be it in the appearance of latent require one. The article touches ahead three parameters which in case of further countries may be applicable but are a hindrance to hit in the US

                       Information asymmetry: requirement for an engagement of a third party comes from not knowing the most excellent outcome of a conversation. Everybody goes into a conversation with a sure set of succeed parameters and stand on procedure of compromise people the incoming parties make a decision who leavers with a good deal. In captivating dispute resolution online, there are two main information asymmetries. One, the lawyer is proactively approaching the represented party\'s schedule to the best of his skills. Two, the required of both parties are sensible and applicable. An online system gets out the initial information asymmetry. The cause for less adoption in the US evaluated to other countries could be as the amount of the initial information asymmetry is much smaller.

                     Technology adoption: this curve has the following phase’s viz. innovators, premature adopters, early majority, delayed majority, stragglers. The phases are almost directly connected with the propensity to test. For example, premature adopters are people who are younger and less wealthy. Therefore, several products which can help give value at lesser cost will be fast adopted. Known this concept, US is more likely to fall in the early majority state. Other countries with relatively lower per capita income will adopt this technology faster since it helps decrease litigation fees                       

                   Crowd sourcing information: This feature covers the second information asymmetry. Every technology tool is only as good as the training data it has had. Intended for the online tools to be successful, it is significant that people not only join in the experiment but also consider that the outcome is truly in the most excellent interest of both parties since it based on the result of so many others. In case of good legal systems with efficiently managed information dissemination, this information asymmetry is significantly decreased which in turn decreases the propensity of adoption of a new system? Therefore just like the previous point, since US population is seemingly not approaching on adopting a new technology because of lesser impact of information asymmetry, the models don’t get better at the same time or as a minimum of the improvement curve will have a very minute slope. It may finally get there looking at the achievement of such models in other countries