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Efficiency of Posner's nuisance rule: A reconsideration
- Issue Date
- Jun-2004
- Publisher
- J C B MOHR
- Citation
- JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT, v.160, no.2, pp.327 - 333
- Journal Title
- JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT
- Volume
- 160
- Number
- 2
- Start Page
- 327
- End Page
- 333
- ISSN
- 0932-4569
- Abstract
- We claim that Posner's nuisance rule maintains the efficiency feature even under severe informational asymmetry. This paper, as a critical assessment of an overly complicated order-reporting mechanism by KIM [2002], argues that Posner's original value-reporting mechanism alone is enough to guarantee a socially efficient outcome, despite the plaintiff's occasional incentive to overreport.
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