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How to search for allocative efficiency in law

In: The Consumer Welfare Hypothesis in Law and Economics

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Abstract

Searching for allocative efficiency in the law improves Posner's famous efficiency hypothesis of the common law, which had several conceptual and methodological problems. The resulting approach is called 'reverse engineering' legal reasoning. Two efficiency hypotheses are compared, the total welfare hypothesis and the consumer welfare hypothesis, for their ability to fit with legal reasoning. These two hypotheses are operationalised by four disagreements about the content of legal reasoning regarding: why harm to an economic agent matters; how defence and exceptions are justified; the purpose of the sanctions; the role played by specific economic concepts. A dataset to compare the explanatory power of the competing hypothesis is carefully identified.

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  • ., 2022. "How to search for allocative efficiency in law," Chapters, in: The Consumer Welfare Hypothesis in Law and Economics, chapter 4, pages 61-96, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20385_4
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    Keywords

    Economics and Finance; Law - Academic;

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