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On Optimal Legal Change, Past Behavior, and Grandfathering

Shavell, Steven - 2007

When is it socially advantageous for legal rules to be changed in the light of altered circumstances? In answering this basic question here, a simple point is developed - that past compliance with legal rules tends to reduce the social advantages of legal change. The reasons are twofold:...

Persistent link: https://www.econbiz.de/10014053459

Fairness Versus Welfare : Notes on the Pareto Principle, Preferences, and Distributive Justice

Kaplow, Louis; Shavell, Steven - 2003

In Fairness versus Welfare, we advance the thesis that social policies should be assessed based entirely on their effects on individuals' well-being. This thesis implies that no independent weight should be accorded to notions of fairness (other than many purely distributive notions). We support...

Persistent link: https://www.econbiz.de/10014087566

Any Non-Welfarist Method of Policy Assessment Violates the Pareto Principle

Kaplow, Louis; Shavell, Steven - 2001

The public at large, many policymakers, and a number of economists hold views of social welfare that are non-welfarist, which is to say that some importance is attached to factors other than individuals' utilities. We show, however, that any non-welfarist method of policy assessment violates the...

Persistent link: https://www.econbiz.de/10014196694

The mistaken restriction of strict liability to uncommon activities

Shavell, Steven - 2018

Courts generally insist that two criteria be met before imposing strict liability rather than basing liability on the negligence rule. The first--that the injurer's activity must be dangerous--is sensible because strict liability possesses general advantages over the negligence rule in...

Persistent link: https://www.econbiz.de/10011972915

Economic Analysis of Law

Polinsky, Alan Mitchell; Shavell, Steven - 2007

This entry for the forthcoming The New Palgrave Dictionary of Economics (Second Edition) surveys the economic analysis …

Persistent link: https://www.econbiz.de/10014060845

On the Superiority of Corrective Taxes to Quantity Regulation

Kaplow, Louis; Shavell, Steven - 1998

The traditional view of economists has been that corrective taxes are superior to direct regulation of harmful externalities when the state's information about control costs is incomplete. In recent years, however, many economists seem to have adopted the view that either corrective taxes or...

Persistent link: https://www.econbiz.de/10014070183

Economic Analysis of Public Law Enforcement and Criminal Law

Shavell, Steven - 2003

enforcement are discussed in the chapters that follow. In chapter 20, the basic theory of public enforcement employing monetary … sanctions is discussed; in chapter 21, the basic theory of enforcement using nonmonetary sanctions is examined; and in chapter … 22, extensions to the basic theory are considered. Then, in chapter 23, functions of sanctions apart from deterrence …

Persistent link: https://www.econbiz.de/10014088892

Do Excessive Legal Standards Discourage Desirable Activity?

Shavell, Steven - 2006

Overly strict legal standards are commonly thought to discourage parties from engaging in socially desirable activities. It is explained here, however, that excessive legal standards cannot lead to undesirable curtailment of activities when legal standards are enforced by liability for...

Persistent link: https://www.econbiz.de/10012733164

Fairness Versus Welfare: Notes on the Pareto Principle, Preferences, and Distributive Justice

Kaplow, Louis; Shavell, Steven - National Bureau of Economic Research (NBER) - 2003

Persistent link: https://www.econbiz.de/10005829104

Any Non-Individualistic Social Welfare Function Violates the Pareto Principle

Kaplow, Louis; Shavell, Steven - National Bureau of Economic Research (NBER) - 1999

The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle.

Persistent link: https://www.econbiz.de/10005830419