The Kaldor-Hicks (KH) criterion has long been the standard for benefit-cost analysis, but it has also been widely criticized for ignoring equity and, arguably, moral sentiments in general. We suggest replacing KH with an aggregate measure called KHM, where the M stands for moral sentiments. KHM...

This paper proposes to provide a fully realized legal foundation for cost-benefit analysis (CBA). I refer to an approach based on such a foundation as benefit-cost analysis (BCA), a subcategory of mainstream CBA. This approach rests on legal rights and also amends the failure of CBA to include...

All general rules for behavior or valuation and for law itself break down under some circumstances. The law struggles with this sort of issue in the law of necessity, in assigning rights, in valuation, in considering burdens of proof with incomplete information, and in developing common law....