The purpose of this paper is to investigate the strong consistency of neutral and monotonic binary social decision rules. Individuals are assumed to satisfy von Neumann-Morgenstern axioms of individual rationality. The main result of the paper shows that there does not exist any neutral and...

This paper is concerned with the derivation of conditions for efficiency for liability rules for successive joint torts. In a successive joint tort, in the first instance the victim suffers harm on account of interaction with a tortfeasor, which subsequently is aggravated because of interaction...

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,...

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...

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 looks at the institutions of market and democracy from the perspective of diversity. It is argued in the paper that if in a society there are communities whose command over pecuniary wealth is low, but which have other forms of wealth, a system which is essentially that of injurers...