In the mainstream of law and economics the notion of negligence is defined as the failure to take at least the legally specified due care level. In the standard tort model, with this notion of negligence, the efficient liability rules are characterized by the condition of negligence liability,...

Economic analysis of law has been preoccupied by considerations of efficiency and often regards values and individual preferences to be independent of social institutions. This volume analyses the flaws in such an approach by pointing out the incommensurability of fundamental societal values in...

This paper investigates the structure of incremental liability rules. Necessary and sufficient conditions are derived for an incremental liability rule to be efficient. A liability rule, in the ordinary sense of the term, to be called a standard liability rule, is a rule which specifies the...

The three versions of the negligence rule discussed in the literature differ regarding whether a negligent injurer is liable for the entire loss or only for the incremental loss; or regarding whether negligence is defined as failure to take at least due care or failure to take a cost-justified...

We analyze a rice farmer panel data set that was collected in 2007/08 and 2011 in Mozambique. We found that in a rainfed area, farmers expanded their cultivated area as local paddy prices increased in parallel with international rice price trends. However, the average yield decreased as the...