Open Access. Powered by Scholars. Published by Universities.®
- Discipline
- Institution
Articles 1 - 8 of 8
Full-Text Articles in Law and Economics
Standard Contract Clauses As Public Goods: A New Way Of Understanding Inefficient Clauses, Enrico Baffi
Standard Contract Clauses As Public Goods: A New Way Of Understanding Inefficient Clauses, Enrico Baffi
enrico baffi
The aim of this work is to show how it is possible to identify market failures other than those traditionally identified by lawyers and law and economics scholars to justify the mandatory provisions of contracts between professionals and consumers and the equally mandatory provisions governing the abuse of economic dependency. This is a new approach that can be extended to other provisions and appears to rest on fairly solid microeconomic foundations. There is no doubt, however, that many criticisms can be leveled against it. Very briefly, I shall argue that the production of clauses characterized by being rather vague, indeterminate …
Understanding "The Problem Of Social Cost", Enrico Baffi
Understanding "The Problem Of Social Cost", Enrico Baffi
enrico baffi
This paper examines the positions of Coase and Pigou in regard to the problem of external effects (externalities). Assessing their two most important works, it appears that Coase has a more relevant preference for an evaluation of total efficiency, while Pigou, with some exceptions, is convinced that it is almost always socially desirable to reach marginal efficiency through taxes or liability. It is interesting that the economist of Chicago, who has elaborated on the renowned theorem, thinks that is not desirable to reach efficiency at the margin every time, and that it is often preferable to evaluate the total, which …
Standard Contract Clauses As Public Goods: A New Approach, Enrico Baffi
Standard Contract Clauses As Public Goods: A New Approach, Enrico Baffi
enrico baffi
The aim of this work is to show how it is possible to identify market failures other than those traditionally identified by lawyers and law and economics scholars to justify the mandatory provisions of contracts between professionals and consumers and the equally mandatory provisions governing the abuse of economic dependency. This is a new approach that can be extended to other provisions and appears to rest on fairly solid microeconomic foundations. There is no doubt, however, that many criticisms can be leveled against it. Very briefly, I shall argue that the production of clauses characterized by being rather vague, indeterminate …
The Failure Of Decoupling Liability And Other Mistakes In Tort Law, Enrico Baffi
The Failure Of Decoupling Liability And Other Mistakes In Tort Law, Enrico Baffi
enrico baffi
It's a common opinion among law and and economics scholars that with a regime of strict liability or a regime of negligence rule one party (but just one party) adopts an efficient level of activity. It's also a common idea the with a regime of strict liability and a tax on the victim equal to expected damage both parties take an efficent level of activity. We expalin in this paper why this opinions are wrong. The basic fact is that it is not considered by these opinions that, in order to have an efficient level of activity, it's necessary a …
Standard Contract Clauses. A Different Way To Consider This Problem, Enrico Baffi
Standard Contract Clauses. A Different Way To Consider This Problem, Enrico Baffi
enrico baffi
The aim of this work is to show how it is possible to identify market failures other than those traditionally identified by lawyers and law and economics scholars to justify the mandatory provisions of contracts between professionals and consumers and the equally mandatory provisions governing the abuse of economic dependency. This is a new approach that can be extended to other provisions and appears to rest on fairly solid microeconomic foundations. There is no doubt, however, that many criticisms can be leveled against it. Very briefly, I shall argue that the production of clauses characterized by being rather vague, indeterminate …
The Problem Of Internalization Of Social Costs And The Ideas Of Ronadl Coase, Enrico Baffi
The Problem Of Internalization Of Social Costs And The Ideas Of Ronadl Coase, Enrico Baffi
enrico baffi
In this paper, I try to show that, although some arguments elaborated by Coase do not have a great practical importance, and that it seems that the most important one against a system of remedies for each externalities (if we are able to define this concept) is difficult to create, Coase has understood many problems that they have been at the basis of later studies in tort and property law; but, what is more important here, is to underline that a system of remedies for every externalities have been refused by eminent scholars after Coase The work of the English …
Mental Budget And Inefficient Clauses: A Lesson From Behavioral Law Nand Economics, Enrico Baffi
Mental Budget And Inefficient Clauses: A Lesson From Behavioral Law Nand Economics, Enrico Baffi
enrico baffi
This paper is an attempt to highlight how clauses, which are traditionally considered to be inefficient, may actually be desired by consumers. This anomaly originates in the fact that each individual builds a mental budget by dividing the money he has among the needs he intends to satisfy. According to consumers’ reasoning, money is not fungible, in the sense that amounts cannot be transferred from one expenditure to another. Consumers who behave in this way may sometimes find that they have depleted the amount they budgeted for an item while wanting to buy more of it. Since additional time, efforts …
The Anticommons And The Problem Of Numerus Clausus Of Property Rights, Enrico Baffi
The Anticommons And The Problem Of Numerus Clausus Of Property Rights, Enrico Baffi
enrico baffi
In the academic literature there the idea that revolutionary French lawmakers wanted to encourage the circulation of goods by limiting the possibility of creating property rights, thus reacting to the risk that the high transaction costs necessary to make several people reach an agreement would compromise the transfer of goods to a different use (and to a different owner). The so-called "theory of the anticommons" is the legal and economic development of this idea. But law and economics in recent years have led to the identification of further explanations, in terms of economic efficiency, of the principle of the numerus …