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Full-Text Articles in Law

Expert Mining And Required Disclosure, Jonah B. Gelbach Jan 2014

Expert Mining And Required Disclosure, Jonah B. Gelbach

Faculty Scholarship at Penn Law

No abstract provided.


Bounded Rationality And Legal Scholarship, Matthew D. Adler Feb 2008

Bounded Rationality And Legal Scholarship, Matthew D. Adler

Faculty Scholarship at Penn Law

Decision theory seems to offer a very attractive normative framework for individual and social choice under uncertainty. The decisionmaker should think of her choice situation, at any given moment, in terms of a set of possible outcomes, that is, specifications of the possible consequences of choice, described in light of the decisionmaker’s goals; a set of possible actions; and a "state set" consisting of possible prior "states of the world." It is this framework for choice which provides the foundation for expected utility theory, as demonstrated in the work of Leonard Savage. Problems arise, however, when the decisionmaker is ...


Against 'Individual Risk': A Sympathetic Critique Of Risk Assessment, Matthew D. Adler Mar 2005

Against 'Individual Risk': A Sympathetic Critique Of Risk Assessment, Matthew D. Adler

Faculty Scholarship at Penn Law

"Individual risk" currently plays a major role in risk assessment and in the regulatory practices of the health and safety agencies that employ risk assessment, such as EPA, FDA, OSHA, NRC, CPSC, and others. Risk assessors use the term "population risk" to mean the number of deaths caused by some hazard. By contrast, "individual risk" is the incremental probability of death that the hazard imposes on some particular person. Regulatory decision procedures keyed to individual risk are widespread. This is true both for the regulation of toxic chemicals (the heartland of risk assessment), and for other health hazards, such as ...


Almost Everybody Disagrees Almost All The Time: The Genericity Of Weakly Merging Nowhere, Ronald I. Miller, Chris William Sanchirico Nov 1997

Almost Everybody Disagrees Almost All The Time: The Genericity Of Weakly Merging Nowhere, Ronald I. Miller, Chris William Sanchirico

Faculty Scholarship at Penn Law

Suppose we randomly pull two agents from a population and ask them to observe an unfolding, infinite sequence of zeros and ones. If each agent starts with a prior belief about the true sequence and updates this belief on revelation of successive observations, what is the chance that the two agents will come to agree on the likelihood that the next draw is a one? In this paper we show that there is no chance. More formally, we show that under a very unrestrictive definition of what it means to draw priors “randomly,” the probability that two priors have any ...


Uncertainty, Efficiency, And The Brokerage Industry, Michael S. Knoll Apr 1988

Uncertainty, Efficiency, And The Brokerage Industry, Michael S. Knoll

Faculty Scholarship at Penn Law

No abstract provided.