Katsoulacos, Yannis; Ulph, David - School of Economics and Finance, University of St. Andrews - 2008
We present a new welfare-based framework for optimally choosing legal standards in a variety of regulatory contexts. We …. PSKS (2007) – in which a change in legal standards has been proposed, and show that it can powerfully clarify and enhance … consequently dominate Per Se as a decision-making procedure. We then show that in a welfare-based approach the choice between legal …