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...

This study investigates efficient and strategy‐proof mechanisms for allocating indivisible goods under constraints. First, we examine a setting without endowments. In this setting, we introduce a class of constraints-ordered accessibility-for which the serial dictatorship (SD) mechanism is...

The value is a solution concept for n-person strategic games, developed by Nash, Shapley, and Harsanyi. The value of a game is an a priori evaluation of the economic worth of the position of each player, reflecting the players' strategic possibilities, including their ability to make threats...

This paper studies bargaining outcomes in economies in which agents may be able to impose outcomes that deviate from the relevant social norms but incur costs when they do so. It characterizes bargaining outcomes that are easiest for a society to sustain as part of a social norm that everybody...

While inequality in resource endowments has been shown to affect cooperation levels in groups, much of this evidence comes from studies of within-group inequality. In an online public goods experiment, we instead examine the effects of payoff-irrelevant inequality in resources between groups on...

This paper examines the impact of the social norm of intergenerational support to aging parents on fertility decisions in developing economies. The traditional expectation of receiving support from adult children in old age has historically been a significant factor in the decision to have...