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Selected Works

Robert Cooter

Selected Works

1987

Articles 1 - 2 of 2

Full-Text Articles in Law

A Theory Of Loss Allocation For Consumer Payments, Robert D. Cooter, Edward L. Rubin Oct 1987

A Theory Of Loss Allocation For Consumer Payments, Robert D. Cooter, Edward L. Rubin

Robert Cooter

Current legislation allocating losses in the payment system embodies several different approaches. The payment system needs general rules to guide legislation and an analytic framework to develop those rules. Professors Cooter and Rubin use economic analysis to identify three general principles of economic efficiency: loss spreading, loss reduction, and loss imposition. Applying these principles, they develop general rules for allocating payment losses between consumers and financial institutions. The authors apply these rules to fraud, forgery, and error losses that can occur when a consumer uses a payment instrument. They conclude that when an invalid instrument is paid, the consumer should …

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Justice At The Confluence Of Law And Economics, Robert D. Cooter May 1987

Justice At The Confluence Of Law And Economics, Robert D. Cooter

Robert Cooter

Law has long been combined with economic thought, but only recently has
law been combined with economic theory. This article explores the implications
of this development for theories of justice and interdisciplinary research.
Value in economics is usually measured by price (the market tradition) or
by satisfaction (the utilitarian tradition). The relationship of these concepts
to equity in law is explored. Also explored is the relationship between bargaining
theory and contractarian theories of justice. The article examines the
possibility that methods and concepts developed in the economic analysis
of law will prove useful to sociologists and social psychologists by contrasting …

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