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In Fairness versus Welfare (2003), Louis Kaplow and Steven Shavell provide a manifesto for normative law and economics. Therein, they spell out the foundations for contemporary law and economics based on a Paretian consequentialist welfarism and a preferentialist account of welfare. We argue in...
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This working paper is a lightly edited version of two chapters of a book that I am currently writing. This book will present and defend a form of normative economics that conserves the main insights of the liberal tradition of classical and neoclassical economics but does not depend on strong...
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A growing body of normative work explores how deference to people's choices might be reconciled with behavioral findings about human error. This work has strong implications for economic analysis of law, cost-benefit analysis, and regulatory policy. in light of behavioral findings, regulators...
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