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Economic Efficiency in Law and Economics

Author

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  • Richard O. Zerbe

Abstract

In this path-breaking book, Richard Zerbe introduces a new way to think about the concept of economic efficiency that is both consistent with its historical derivation and more useful than concepts currently used. He establishes an expanded version of Kaldor–Hicks efficiency as an axiomatic system that performs the following tasks: the new approach obviates certain technical and ethical criticisms that have been made of economic efficiency; it answers critics of efficiency; it allows an expanded range for efficiency analysis; it establishes the conditions under which economists can reasonably say that some state of the world is inefficient. He then applies the new analysis to a number of hard and fascinating cases, including the economics of duelling, cannibalism and rape. He develops a new theory of common law efficiency and indicates the circumstances under which the common law will be inefficient.

Individual chapters are listed in the "Chapters" tab

Suggested Citation

  • Richard O. Zerbe, 2001. "Economic Efficiency in Law and Economics," Books, Edward Elgar Publishing, number 1992.
    • Handle: RePEc:elg:eebook:1992
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    Citations

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    Cited by:

    1. Fuat Oğuz, 2010. "Competition by regulation in energy markets: the case of Turkey," European Journal of Law and Economics, Springer, vol. 30(1), pages 41-58, August.
    2. Jack L. Knetsch, 2013. "Values of gains and losses: reference states and choice of measure," Chapters, in: John A. List & Michael K. Price (ed.), Handbook on Experimental Economics and the Environment, chapter 5, pages 157-170, Edward Elgar Publishing.
    3. Irena Antošová & Jana Stávková, 2019. "Application of the Institute of Income Redistribution in the Form of Social Transfers in EU Countries," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 2, pages 161-172, June.
    4. Marggraf, Rainer & Masius, Patrick & Rumpf, Christine, 2012. "Zur Integration von Tieren in wohlfahrtsökonomische Analysen," DARE Discussion Papers 1207, Georg-August University of Göttingen, Department of Agricultural Economics and Rural Development (DARE).
    5. Oleg Sukharev, 2012. "The Neoinstitutional Contracts Theory: New Perspectives," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(1), pages 87-118.
    6. Knetsch, Jack L., 2007. "Biased valuations, damage assessments, and policy choices: The choice of measure matters," Ecological Economics, Elsevier, vol. 63(4), pages 684-689, September.
    7. Farrow Scott & Larson Douglas M., 2012. "News and Social Cost: The Case of Oil Spills and Distant Viewers," Journal of Benefit-Cost Analysis, De Gruyter, vol. 3(4), pages 1-24, December.
    8. Knetsch Jack L. & Riyanto Yohanes E. & Zong Jichuan, 2012. "Gain and Loss Domains and the Choice of Welfare Measure of Positive and Negative Changes," Journal of Benefit-Cost Analysis, De Gruyter, vol. 3(4), pages 1-20, December.
    9. Clay, Karen & Wright, Gavin, 2005. "Order without law? Property rights during the California gold rush," Explorations in Economic History, Elsevier, vol. 42(2), pages 155-183, April.
    10. Raimund Bleischwitz & Katrin Fuhrmann & Elias Huchler, 2007. "The Sustainability Impact of the EU Emissions Trading System on the European Industry," Bruges European Economic Policy Briefings 17, European Economic Studies Department, College of Europe.
    11. Kiet T. Nguyen & Jack L. Knetsch & Phumsith Mahasuweerachai, 2021. "WTP or WTA: A Means of Determining the Appropriate Welfare Measure of Positive and Negative Changes When Preferences are Reference Dependent," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 78(4), pages 615-633, April.
    12. Zerbe, Richard Jr. & Bauman, Yoram & Finkle, Aaron, 2006. "A preference for an aggregate measure: A reply to Sagoff," Ecological Economics, Elsevier, vol. 60(1), pages 14-16, November.
    13. Scott Farrow & Judith Shinogle, 2010. "Are There Net State Social Benefits or Costs from Legalizing Slot Machine Gambling?," UMBC Economics Department Working Papers 10-128, UMBC Department of Economics.
    14. Jack L. Knetsch, 2005. "The Appropriate Choice Of Valuation Measure In Usual Cases Of Losses Valued More Than Gains," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 50(spec0), pages 393-406.
    15. Richard Zerbe, 2004. "Should moral sentiments be incorporated into benefit-cost analysis? An example of long-term discounting," Policy Sciences, Springer;Society of Policy Sciences, vol. 37(3), pages 305-318, December.
    16. Mark White, 2006. "A Kantian critique of neoclassical law and economics," Review of Political Economy, Taylor & Francis Journals, vol. 18(2), pages 235-252.
    17. Török, Ádám, 2007. "A versenyképesség egyes jogi és szabályozási feltételei Magyarországon [Legal and regulatory conditions for competitiveness in Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1066-1084.
    18. J.A. den Hertog, 2010. "Review of economic theories of regulation," Working Papers 10-18, Utrecht School of Economics.
    19. Schmitz Andrew & Zerbe Richard O., 2008. "Scitovsky Reversals and Efficiency Criteria in Policy Analysis," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 6(2), pages 1-20, December.

    Book Chapters

    The following chapters of this book are listed in IDEAS

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    Keywords

    Economics and Finance; Law - Academic;

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