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efficiency - Coggle Diagram
efficiency
variaties
productive
applies to
processes/systems with input and output
optimal efficiency
if and only if
it is impossible to produce the same amout of output using a lower-cost combination of inputs
at least one of these conditions
it is impossible to produce more output using the same combination of inputs
possible applications to law
legislation
administration of justice
costs and benefits of substantive rules
pareto
concerns
satisfaction of individual preferences
ordinal preferences
(individual ranking)
impossibility of interpersonal comparisons of utility
no cardinal utilities
allocation of resources
conditions
superiority
it makes someone better off and no one worse off
optimality
it is impossible to make someone better off and no one worse off
applications to law
actual compensation
kaldor-hicks
test of potential compensation
an allocation of resources S2 is efficient compred to S1 if those who benefits from S2 can compensate those who incur costs and still have a net benefit
comparison of gains and costs
cardinal values
CBA
critic
calabresi
pie is important but also the slices
distributional concerns
questions
descriptive
how people respond to legal incentives
efficiency is reflected in the law
normative
how the law can be improved
efficiency as a social value