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Can't Buy Me Love: Monetary Versus In-Kind Remedies, Daphna Lewinsohn-Zamir
Can't Buy Me Love: Monetary Versus In-Kind Remedies, Daphna Lewinsohn-Zamir
Daphna Lewinsohn-Zamir
The choice of appropriate remedies is a major concern in all legal spheres, yet little has been done to determine which remedies people actually prefer. Scholarly debates on this issue are typically based on theoretical arguments and intuitions rather than experimental or empirical data. It is often assumed that people are indifferent between in-kind and monetary remedies of equal pecuniary value. Consequently, some scholars have argued, for instance, that people ordinarily view a contractual obligation as an option to either perform in-kind or pay expectation damages.
This Article challenges the conventional wisdom that monetary remedies are usually a satisfactory substitute …
Taking Outcomes Seriously, Daphna Lewinsohn-Zamir
Taking Outcomes Seriously, Daphna Lewinsohn-Zamir
Daphna Lewinsohn-Zamir
The goal of economic efficiency is to promote best outcomes by maximizing the satisfaction of people’s preferences. Given the crucial role of outcomes in efficiency analysis, surprisingly little attention has been devoted to the question of what an outcome actually is. Law-and-economics scholars typically disregard this issue, implicitly adopting the narrowest possible definition of outcome, namely end-results in terms of wealth. Furthermore, no attempt has been made to examine the fundamental question of what notion of outcomes individuals actually embrace.
This Article aims to fill this void by presenting an experimental study of perceptions of outcomes, conducted with both laypersons …