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Extra resources for Foundations of Economic Analysis of Law
Another issue concerning gifts is that a person may want to make a transfer in the future, in which case issues concerning contracts to give gifts arise. 2 on donative contracts. 6. 1. Socially optimal resolution of externalities When individuals use property, they may cause externalities, namely, harm or benefit to others. As a general matter, it is socially desirable for individuals to do more than is in their self-interest to reduce detrimental externalities and to act so as to increase beneficial externalities.
Consider, for example, a contract stating merely that a specified price will be paid for a bushel of wheat. Although this contract is incomplete because it does not mention many contingencies that might affect the buyer or the seller of wheat, it has no gaps, as it stipulates what the parties are to do (pay a price, deliver a bushel of wheat) in all circumstances. A contract is Pareto efficient if it is impossible to modify in a manner that raises the expected utility of both of the parties; such a contract will sometimes be referred to simply as efficient or as mutually beneficial.
Under the expectation measure, there is a tendency for reliance investment to exceed the Pareto efficient level: the buyer will treat an investment like advertising as one with a sure payoff - either he will receive performance or receive expectation damages, a form of insurance - whereas the actual Two other writers, Birmingham (1970) and Barton (1972), adumbrate these points, although the meaning of their articles is at times obscure. See also Diamond and Maskin (1979), who consider damage measures in analyzing search behavior.