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Judicial Choice And Disparities Between Measures Of Economic Values, David S. Cohen
Judicial Choice And Disparities Between Measures Of Economic Values, David S. Cohen
Elisabeth Haub School of Law Faculty Publications
An important idea, which characterizes law in society, is a reluctance to move from the status quo. In general, one can argue that legal institutions and legal doctrine are not engaged in the redistribution of wealth from one party to another. This paper explores a possible explanation for that principle. The authors' research suggests that, across a wide range of entitlements and in a variety of contexts, individuals value losses more than foregone gains. The paper argues, as a matter of efficiency, that law and social policy might have developed in a manner consistent with this valuation disparity. Furthermore, this …
Regulating Regulators: The Legal Environment Of The State, David S. Cohen
Regulating Regulators: The Legal Environment Of The State, David S. Cohen
Elisabeth Haub School of Law Faculty Publications
In this paper I focus on the ability of tort law to reduce primary costs, or losses associated with the number and seriousness of accidents. In one sense I will be analysing the state as if it were a private firm in which losses suffered by private individuals and firms are externalities. Several years ago Mark Spitzer wrote a paper on this topic in which he posited several models of state activity and analysed the incentive effects of liability rules in each case. In my view Spitzer's general conclusion - the rule which may be synthesized from all of the …