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N problems require N instruments

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  • De Geest, Gerrit

Abstract

Eric Posner (2003) has argued that (contract) law and economics has failed to produce clear policy recommendations because its theoretical results are usually inconclusive and empirical data on the parameters are usually unavailable. Legislators and courts, however, cannot wait to make decisions until scholarship is conclusive; hence the question arises which policy conclusions are the ‘least irrational’ under those circumstances.

Suggested Citation

  • De Geest, Gerrit, 2013. "N problems require N instruments," International Review of Law and Economics, Elsevier, vol. 35(C), pages 42-57.
  • Handle: RePEc:eee:irlaec:v:35:y:2013:i:c:p:42-57
    DOI: 10.1016/j.irle.2013.02.001
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    References listed on IDEAS

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    1. Giuseppe Dari-Mattiacci & Gerrit De Geest, 2005. "The Filtering Effect of Sharing Rules," The Journal of Legal Studies, University of Chicago Press, vol. 34(1), pages 207-237, January.
    2. Sykes, Alan O, 1990. "The Doctrine of Commercial Impracticability in a Second-Best World," The Journal of Legal Studies, University of Chicago Press, vol. 19(1), pages 43-94, January.
    3. Miceli, Thomas J & Segerson, Kathleen, 1995. "Defining Efficient Care: The Role of Income Distribution," The Journal of Legal Studies, University of Chicago Press, vol. 24(1), pages 189-208, January.
    4. Philippe Aghion and Benjamin Hermalin., 1990. "Why Legal Restrictions on Private Contracts Can Enhance Efficiency," Economics Working Papers 90-140, University of California at Berkeley.
    5. Steven Shavell, 1984. "The Design of Contracts and Remedies for Breach," The Quarterly Journal of Economics, Oxford University Press, vol. 99(1), pages 121-148.
    6. Aghion, Philippe & Hermalin, Benjamin, 1990. "Legal Restrictions on Private Contracts Can Enhance Efficiency," Journal of Law, Economics, and Organization, Oxford University Press, vol. 6(2), pages 381-409, Fall.
    7. Gerrit De Geest, 2012. "Who Should Be Immune from Tort Liability?," The Journal of Legal Studies, University of Chicago Press, vol. 41(2), pages 291-319.
    8. Kaplow, Louis & Shavell, Steven, 1994. "Why the Legal System Is Less Efficient Than the Income Tax in Redistributing Income," The Journal of Legal Studies, University of Chicago Press, vol. 23(2), pages 667-681, June.
    9. Bebchuk, Lucian Ayre & Shavell, Steven, 1991. "Information and the Scope of Liability for Breach of Contract: The Rule of Hadley vs. Baxendale," Journal of Law, Economics, and Organization, Oxford University Press, vol. 7(2), pages 284-312, Fall.
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    12. Friedman, David D, 1989. "An Economic Analysis of Alternative Damage Rules for Breach of Contract," Journal of Law and Economics, University of Chicago Press, vol. 32(2), pages 281-310, October.
    13. Gerrit De Geest, 2010. "Carrots, Sticks, and the Multiplication Effect," Journal of Law, Economics, and Organization, Oxford University Press, vol. 26(2), pages 365-384.
    14. Adler, Barry E., 1999. "The Questionable Ascent of Hadley v. Baxendale," Berkeley Olin Program in Law & Economics, Working Paper Series qt3wh5v8j9, Berkeley Olin Program in Law & Economics.
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    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Indeterminacy; Contract remedies; Specific performance; Expectation measure; Tinbergen;

    JEL classification:

    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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