Essays on applied economics


Rational Legal Decision-Making, Value Judgment and the Efficient Precaution in Tort Law



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3. Rational Legal Decision-Making, Value Judgment and the Efficient Precaution in Tort Law


Abstract…………………………………………………………………….74

  1. Introduction…………………………………………………………… 75

  2. Rationality, Subjective Social Welfare Function and Value Judgment

……………………………………………………………………...81

  1. The Determination of Efficient Precaution Level and the Damage Compensation in Tort Law……………………………………...……..94

4. Summary……………………………………………………..…….…..105

References………………………………………………………..……….106



List of Tables

Table Page

1.1 Sample statistics for CPU auctions ………………………………………34

1.2 Sample statistics for samples of competing auctions……………………..35

1.3 Statistics of Cross Bidding in the Whole Process…………………………38

1.3B Percentage of Cross Bidders in All bidders………………………………..39

1.4 Statistics of Cross Bidders for the Last Day……………………………….40

1.5 Result on Bidding on the Auction with the Lowest Standing Bid…………41


1.6 Result on Bidding on the Auction with the Lowest Standing Bid


(For groups with cross bidders only)………………………………42

1.7 Result on Bidding on Group with Zero Bid Auctions……………………...43

1.8 Average Number of Bids Submitted in a Group by a Bidder……………....43

1.9 Price Paid by Cross Bidders and Non-Cross Bidders………………………44



    1. Payoff Under CN………………………………………………………...…51

    2. Simulation Results………………………………………………………….65

3.1 Sensitivity of the Award of the Punitive Damage to the Estimation

Bias of …………………………………………………………104



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