Residential College | false |
Status | 已發表Published |
Rational legal decision-making, value judgment and efficient precaution in tort law | |
Zheng, ML1,2; Anwar, S1,2 | |
2005 | |
Source Publication | JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT |
ABS Journal Level | 2 |
ISSN | 0932-4569 |
Volume | 161Issue:3Pages:411-427 |
Abstract | By reinterpreting Savage's axioms as axioms of the social rationality over resource allocations, we derive a social welfare function encompassing individual social values and a social attitude towards distributional inequality. Wealth maximization becomes the purpose of law only if individuals have equal social values and the society does not care about distributional inequality. In tort law, when the injurer is less socially valued than the victim, the society imposes a stricter due-precaution level, and punitive damages will be awarded. Tort law also implicitly transfers wealth from the less socially valued party to the more socially valued party. |
Keyword | Punitive Damages Theorem Aggregation |
DOI | 10.1628/093245605774259345 |
Indexed By | SSCI |
Language | 英語English |
WOS Research Area | Business & Economics |
WOS Subject | Economics |
WOS ID | WOS:000232148500004 |
Scopus ID | 2-s2.0-26644445261 |
Fulltext Access | |
Citation statistics | |
Document Type | Journal article |
Collection | Faculty of Social Sciences DEPARTMENT OF ECONOMICS |
Affiliation | 1.Univ Macau, Fac Social Sci & Humanities, Macao, Peoples R China 2.Univ Adelaide, Adelaide Grad Sch Business, Adelaide, SA 5005, Australia |
First Author Affilication | University of Macau |
Recommended Citation GB/T 7714 | Zheng, ML,Anwar, S. Rational legal decision-making, value judgment and efficient precaution in tort law[J]. JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT, 2005, 161(3), 411-427. |
APA | Zheng, ML., & Anwar, S (2005). Rational legal decision-making, value judgment and efficient precaution in tort law. JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT, 161(3), 411-427. |
MLA | Zheng, ML,et al."Rational legal decision-making, value judgment and efficient precaution in tort law".JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT 161.3(2005):411-427. |
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