Rational Legal Decision-Making, Value Judgment, and Efficient Precaution in Tort Law
AbstractBy reinterpreting Savage's axioms as axioms of the social rationality over resource allocations, we derive a social welfare function encompassing individual social values and a social attitude towards distributional inequality. Wealth maximization becomes the purpose of law only if individuals have equal social values and the society does not care about distributional inequality. In tort law, when the injurer is less socially valued than the victim, the society imposes a stricter due-precaution level, and punitive damages will be awarded. Tort law also implicitly transfers wealth from the less socially valued party to the more socially valued party.
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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): 3 (September)
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Other versions of this item:
- Mingli Zheng & Sajid Anwar, 2005. "Rational Legal Decision-Making, Value Judgment and Efficient Precaution in Tort law," Law and Economics 0505004, EconWPA.
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
- K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
- K49 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Other
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