Do you know ghouls from goblins and ghosts?
1580s (arbitrable is recorded from 1530s), "to give an authoritative decision," from Latin arbitratus, past participle of arbitrari "be of an opinion, give a decision," from arbiter (see arbiter). Meaning "to act as an arbitrator" is from 1610s. Related: Arbitrated; arbitrating. The earlier verb form was arbitren (early 15c.).