Efficiency of Posner's Nuisance Rule: A Reconsideration
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 , 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.
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Volume (Year): 160 (2004)
Issue (Month): 2 (June)
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