The Pure Theory of Multilateral Obligations
AbstractThis paper develops the pure theory of damage rules that internalize external effects in a multiparty setting. Desirable properties in terms of efficiency are shown to follow from a simple saddle-point property, which, in turn, is implied by general principles of liability. The legal practice of granting compensation of negative but not positive effects turns out to be consistent with the saddle-point property. The sharing of damage payments among several injurers is not restricted by efficiency considerations. For sequences of events that follow an injury, the pure theory would grant recovery even to parties that suffer at the far end of the sequence.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 161 (2005)
Issue (Month): 2 (June)
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Web page: http://www.mohr.de/jite
Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany
Find related papers by JEL classification:
- K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
- K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
- D62 - Microeconomics - - Welfare Economics - - - Externalities
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- Schweizer, Urs, 2007. "Tortious acts affecting markets," International Review of Law and Economics, Elsevier, vol. 27(1), pages 49-69, March.
- Schweizer, Urs, 2009. "Legal damages for losses of chances," International Review of Law and Economics, Elsevier, vol. 29(2), pages 153-160, June.
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