A Safety Valve Model of Equity as Anti-opportunism
Book Details
Format
Paperback / Softback
Book Series
Elements in Law, Economics and Politics
ISBN-10
1009217941
ISBN-13
9781009217941
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Sep 7th, 2023
Print length
58 Pages
Weight
102 grams
Dimensions
15.20 x 22.90 x 0.70 cms
Product Classification:
Public financePublic finance and taxation
Ksh 3,250.00
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This Element presents a simple contracting model that captures the role of equity as a safety valve, and shows how it can solve problems posed by opportunists. It also shows that it is often preferable to limit equity, reserving it for use only against those who appear sufficiently likely to be opportunists.
Equity can be defined as the use of a more flexible, morally judgmental, and subjective mode of legal decision making that roughly corresponds with historical equity. This Element presents a simple contracting model that captures the role of equity as a safety valve, and shows how it can solve problems posed by opportunists–agents with unusual willingness and ability to take advantage of necessary imperfections in the law. In this model, a simple but imperfect formal legal regime is able to achieve first best in the absence of opportunists. But when opportunists are added, a more flexible regime (equity), can be preferred. However, equity is also vulnerable to being used opportunistically by the parties it intends to protect. Hence, the Element shows that it is often preferable to limit equity, reserving it for use only against those who appear sufficiently likely to be opportunists.
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