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Efficiency of Posner's Nuisance Rule: A Reconsideration

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  • Iljoong Kim
  • Jaehong Kim

Abstract

We claim that Posner's nuisance rule maintains the efficiency feature even under severe informational asymmetry. This paper, as a critical assessment of an overly complicated order-reporting mechanism by Kim [2002], argues that Posner's original value-reporting mechanism alone is enough to guarantee a socially efficient outcome, despite the plaintiff's occasional incentive to overreport.

Suggested Citation

  • Iljoong Kim & Jaehong Kim, 2004. "Efficiency of Posner's Nuisance Rule: A Reconsideration," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 160(2), pages 327-333, June.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200406)160:2_327:eopnra_2.0.tx_2-g
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    Cited by:

    1. Christian Schubert, 2006. "Fairness in Urban Land Use: An Evolutionary Contribution to Law & Economics," Papers on Economics and Evolution 2005-22, Philipps University Marburg, Department of Geography.

    More about this item

    JEL classification:

    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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