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Accident costs, resource allocation and individual rationality: Blum, Kalven and Calabresi

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  • Alain Marciano
  • Rustam Romaniuc

Abstract

In this paper, we analyse the controversy that took place between Blum and Kalven, and Calabresi around rationality or, more broadly, how individuals behave. We analyse how their respective conception regarding this specific aspect was included in their analyses about what economics could say about fault, liability and compensation of victims in the case of accident and their respective views on the law. First, we show that the debate was a sequel of the discussions that took place in tort law from the 1930s to the 1950s. Second, we claim that their treatment of rationality strongly relates to their views about what the law should be and about what are the objectives and goals of the law.

Suggested Citation

  • Alain Marciano & Rustam Romaniuc, 2015. "Accident costs, resource allocation and individual rationality: Blum, Kalven and Calabresi," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(6), pages 1084-1114, December.
    • Handle: RePEc:taf:eujhet:v:22:y:2015:i:6:p:1084-1114
    DOI: 10.1080/09672567.2015.1084520
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    Cited by:

    1. Jean-Baptiste Fleury & Alain Marciano, 2022. "Richard A. Posner (1939–)," Springer Books, in: Robert A. Cord (ed.), The Palgrave Companion to Chicago Economics, chapter 35, pages 901-923, Springer.
    2. Romaniuc Rustam, 2016. "What Makes Law to Change Behavior? An Experimental Study," Review of Law & Economics, De Gruyter, vol. 12(2), pages 447-475, July.
    3. Alain Marciano & Steve G. Medema, 2018. "Disciplinary Collisions: Blum, Kalven, and the Economic Analysis of Accident Law at Chicago in the 1960s," Post-Print hal-01836082, HAL.

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