This consideration of value also has application in a mediation context. While the value of possible outcomes might be expressed in monetary terms for ease of comparison, it may be useful to dig a bit deeper to make sure we really understand what lies behind each party’s valuations to see if the pie to be divided is potentially bigger than it might at first appear.
So is a bird in the hand worth more than two in the bush? Maybe, but you really need to know much more about the birds, how and why they are valued, how those involved value the future and what the probability is of of there being a bush with birds in it when they get there!
