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Description

Legal economists are concerned with setting optimal deterrence levels. Armed with information concerning the public and private costs and benefits of a particular harmful activity, the legal economist seeks to set a “price” for the activity which, to some socially optimal extent, minimizes external costs while retaining external benefits. If the economist's information is perfect, he can predict precisely how an economically rational actor will respond to a particular price and achieve optimal deterrence of activities whose costs outweigh their benefits.

Publication Date

Spring 2001

Volume

35

Publisher

Georgia Law Review

First Page

845

Disciplines

Constitutional Law | Law | Torts

Comments

Symposium: Re-Examining First Principles: Deterrence and Corrective Justice in Constitutional Torts

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