Property rules versus liability rules: an economic analysis

Article Abstract:

Liability rules are preferable to address harmful externalities, with certain exceptions, but property rules appear to offer stronger protection against takings of things. The liability rule is particularly strong in the externality context when there is no opportunity to bargain, but property rules may be needed in limited cases when liability will be ineffectual. Property rules are needed in the takings context because such rules are the most basic way to protect ownership.

Laws, regulations and rules, Real estate, Externalities (Economics), Real property, Right of property, Property rights, Eminent domain (Law), Liability (Law), Legal liability

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Punitive damages: an economic analysis

Article Abstract:

The deterrent and punitive goals of punitive damage awards are not accomplished under the traditional system where awards are assessed on the basis of defendants' economic ability to pay and culpability. Deterrence can better be accomplished by a system which awards punitive damages only where defendants are very likely to otherwise escape liability. The punishment function is effective only when placed upon individuals and corporate employees.

Exemplary damages, Punitive damages

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Fairness versus welfare

Article Abstract:

The authors argue that policy assessment should focus exclusively on effects on individual welfare, even though policy makers and the public believe fairness should be factored in. Arguments for excluding fairness are presented in the areas of tort, contract, procedure, and law enforcement.

United States, Social aspects, Welfare, Public assistance, Policy sciences, Fairness

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