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The assignment of rights under economic or legal uncertainty

Author

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  • Zerbe, Richard

Abstract

This paper explores the relationship between law and applied welfare economics, BCA, and indicates how they are mutually enhancing. A definition of underlying principles for benefit cost analysis is given, from which rules for its application are derived. These rules are useful in considering arguments and outcomes in legal cases and for legal reasoning. I invoke norms, reference points, and legal right uncertainty, along with the role of sentiments and compensation for losses. In doing this the foundations of BCA are explicated and the interrelationship between law and applied welfare economics is made clearer.

Suggested Citation

  • Zerbe, Richard, 2023. "The assignment of rights under economic or legal uncertainty," MPRA Paper 121295, University Library of Munich, Germany, revised Jun 2024.
    • Handle: RePEc:pra:mprapa:121295
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    File URL: https://mpra.ub.uni-muenchen.de/121295/1/MPRA_paper_121295.pdf
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    More about this item

    Keywords

    rights; uncertainty; Posner;
    All these keywords.

    JEL classification:

    • K0 - Law and Economics - - General
    • K1 - Law and Economics - - Basic Areas of Law
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)

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