Covers topics such as: models of economic exchange and production, uncertainty, optimality, public goods, social improvement criteria, life and death choices, majority voting, Arrow's theorem, and theories of implementation and mechanism design. This book aims to make value judgments about...

In this paper we discuss a new tort liability rule, which we call super-symmetric comparative negligence and vigilance. When both injurer and victim in an accident are negligent, it provides for liability shares that depend on the degrees of negligence of the two parties, similar to the standard...

The Concerns of Welfare Economics -- The Concerns of Social Choice Theory -- Practical Concerns of Welfare Economics and Social Choice Theory -- 1 Preferences and Utility -- Fundamental Assumptions -- Best Alternatives and Utility Functions -- The Formal Model of Preferences -- to Social...

A growing body of literature suggests that courts and juries are inclined toward division of liability between two strictly non-negligent or "vigilant" parties. In this paper, we explore the economic efficiency of liability rules based on comparative vigilance. We devise rules that are efficient...