Economic analysis of law has been preoccupied by considerations of efficiency and often regards values and individual preferences to be independent of social institutions. This volume analyses the flaws in such an approach by pointing out the incommensurability of fundamental societal values in...

The three versions of the negligence rule discussed in the literature differ regarding whether a negligent injurer is liable for the entire loss or only for the incremental loss; or regarding whether negligence is defined as failure to take at least due care or failure to take a cost-justified...

In the mainstream of law and economics the notion of negligence is defined as the failure to take at least the legally specified due care level. In the standard tort model, with this notion of negligence, the efficient liability rules are characterized by the condition of negligence liability,...

This paper investigates the structure of incremental liability rules. Necessary and sufficient conditions are derived for an incremental liability rule to be efficient. A liability rule, in the ordinary sense of the term, to be called a standard liability rule, is a rule which specifies the...

The objective is to cast new light on the possible contribution of ‘emerging donors,’ highlighting their ‘knowledge creation’ based on the experience of receiving aid. The process of knowledge creation is examined through a model composed of three hypotheses. A knowledge is created...