Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
On The Judicial Interest Rate: A Comparative Law And Economics Perspective, Hugo A. Acciarri, Nuno Garoupa
On The Judicial Interest Rate: A Comparative Law And Economics Perspective, Hugo A. Acciarri, Nuno Garoupa
Hugo Alejandro Acciarri
Although all legal systems use some form of pre-judgment or post-judgment interest, there is no substantive law & economics literature providing for a comprehensive theory on the impact, functioning and assessment of the judicial interest rate. Mainstream legal scholarship has usually dealt with it as having neutral effects on private and social costs. In this paper we show that the issue is theoretically-wise far more complex and it has a definite influence on legal policy. Due to asymmetric opportunity costs for plaintiff and defendant, judicial interest rates may bring about improper delay of proceedings and/or decouple damages from recovery. Both …
Redundancy Of Legal Rules And Efficiency, Hugo A. Acciarri, Fernando Tohme
Redundancy Of Legal Rules And Efficiency, Hugo A. Acciarri, Fernando Tohme
Hugo Alejandro Acciarri
Redundancy of legal rules has bad press. Traditional legal literature usually regards any sort of redundancy as a flaw of legal systems. Scholars on Law and Economics accept, instead, some kinds of regulatory redundancy, but focus more on the redundancy of the sources of regulation (agencies) than on the pure effect of redundant rules whatever their source might be. Hence, the underlying issue remains: even on an efficiency basis, redundancy is primarily perceived as an undesirable feature of the legal system. At first sight, this perception may be deemed sound, since e.g., adding a sentence or a paragraph to any …