UM  > Faculty of Social Sciences
Residential Collegefalse
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 PublicationJOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT
ABS Journal Level2
ISSN0932-4569
Volume161Issue: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.

KeywordPunitive Damages Theorem Aggregation
DOI10.1628/093245605774259345
Indexed BySSCI
Language英語English
WOS Research AreaBusiness & Economics
WOS SubjectEconomics
WOS IDWOS:000232148500004
Scopus ID2-s2.0-26644445261
Fulltext Access
Citation statistics
Document TypeJournal article
CollectionFaculty of Social Sciences
DEPARTMENT OF ECONOMICS
Affiliation1.Univ Macau, Fac Social Sci & Humanities, Macao, Peoples R China
2.Univ Adelaide, Adelaide Grad Sch Business, Adelaide, SA 5005, Australia
First Author AffilicationUniversity 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.
Files in This Item:
There are no files associated with this item.
Related Services
Recommend this item
Bookmark
Usage statistics
Export to Endnote
Google Scholar
Similar articles in Google Scholar
[Zheng, ML]'s Articles
[Anwar, S]'s Articles
Baidu academic
Similar articles in Baidu academic
[Zheng, ML]'s Articles
[Anwar, S]'s Articles
Bing Scholar
Similar articles in Bing Scholar
[Zheng, ML]'s Articles
[Anwar, S]'s Articles
Terms of Use
No data!
Social Bookmark/Share
All comments (0)
No comment.
 

Items in the repository are protected by copyright, with all rights reserved, unless otherwise indicated.