Purpose - OUSD A&S - Home
Calebresi Cheapest Cost Avoider—Real world has transaction costs. Rejects moral fault for market efficiency. Place entitlement on cheapest cost avoider ex ante since parties do not bargain. Important who Bears Entitlement: (1) Unequal Info (2) Insurance (3) Externalization of Transfer (4) Subcategorization of Risk. ................
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