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Economic Efficiency in Law and Economics

Author

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  • Richard O. Zerbe

Abstract

In this path-breaking book, Richard Zerbe introduces a new way to think about the concept of economic efficiency that is both consistent with its historical derivation and more useful than concepts currently used. He establishes an expanded version of Kaldor–Hicks efficiency as an axiomatic system that performs the following tasks: the new approach obviates certain technical and ethical criticisms that have been made of economic efficiency; it answers critics of efficiency; it allows an expanded range for efficiency analysis; it establishes the conditions under which economists can reasonably say that some state of the world is inefficient. He then applies the new analysis to a number of hard and fascinating cases, including the economics of duelling, cannibalism and rape. He develops a new theory of common law efficiency and indicates the circumstances under which the common law will be inefficient.

Suggested Citation

  • Richard O. Zerbe, 2001. "Economic Efficiency in Law and Economics," Books, Edward Elgar Publishing, number 1992, April.
  • Handle: RePEc:elg:eebook:1992
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    File URL: https://www.elgaronline.com/view/1840643013.xml
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    Cited by:

    1. J.A. den Hertog, 2010. "Review of economic theories of regulation," Working Papers 10-18, Utrecht School of Economics.
    2. Farrow, Scott & Larson, Douglas M., 2012. "News and Social Cost: The Case of Oil Spills and Distant Viewers," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 3(04), pages 1-22, December.
    3. Schmitz Andrew & Zerbe Richard O., 2008. "Scitovsky Reversals and Efficiency Criteria in Policy Analysis," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 6(2), pages 1-20, December.
    4. Knetsch, Jack L. & Riyanto, Yohanes E. & Zong, Jichuan, 2012. "Gain and Loss Domains and the Choice of Welfare Measure of Positive and Negative Changes," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 3(04), pages 1-18, December.
    5. Jack L. Knetsch, 2013. "Values of gains and losses: reference states and choice of measure," Chapters,in: Handbook on Experimental Economics and the Environment, chapter 5, pages 157-170 Edward Elgar Publishing.
    6. Zerbe, Richard Jr. & Bauman, Yoram & Finkle, Aaron, 2006. "A preference for an aggregate measure: A reply to Sagoff," Ecological Economics, Elsevier, vol. 60(1), pages 14-16, November.

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    Book Chapters

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    Keywords

    Economics and Finance; Law - Academic;

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