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2 results

  • 2 - Economic Framework

  • from Part I - Foundation
  • Yun-chien Chang, Cornell Law School, New York
  • Book:
    Property Law
    Published online:
    18 May 2023
    Print publication:
    01 June 2023, pp 46-61

  • Summary

    Chapter 2 defines efficiency. The efficiency criterion here is cost-benefit analysis, where cost is institution cost (including information and transaction costs) and benefit is what is called “allocative efficiency” in the literature. My efficiency criterion builds on 60 years of law-and-economics research in property law, but I believe that this is the first time that efficiency has been formulated in this way. Chapter 2 positions efficiency as a first-order value, while welfare is a second-order value that includes efficiency and other first-order values such as distribution of wealth. In addition, Chapter 2 introduces the concepts of ex ante viewpoint and the property rule versus the liability rule, both of which will be drawn on in later chapters.