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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
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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
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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
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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
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Economic Analysis of Law
Polinsky, A. Mitchell; Shavell, Steven - 2007
This entry for the forthcoming The New Palgrave Dictionary of Economics (Second Edition) surveys the economic analysis of five primary fields of law: property law; liability for accidents; contract law; litigation; and public enforcement and criminal law. It also briefly considers some...
Persistent link: https://www.econbiz.de/10014060845
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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
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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
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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
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The Conflict between Notions of Fairness and the Pareto Principle
Kaplow, Louis; Shavell, Steven - 2001
Most legal academics and policymakers believe that notions of fairness should be accorded positive weight in evaluating legal policies. We explain, however, that ascribing importance to any notion of fairness (other than one concerned solely with the distribution of income) will sometimes lead...
Persistent link: https://www.econbiz.de/10014171781
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The Conflict between Notions of Fairness and the Pareto Principle
Kaplow, Louis; Shavell, Steven - 2000
Most legal academics and policymakers believe that notions of fairness should be accorded positive weight in evaluating legal policies. We explain, however, that ascribing importance to any notion of fairness (other than one concerned solely with the distribution of income) will sometimes lead...
Persistent link: https://www.econbiz.de/10014194874