What is Missing in Corporate Bankruptcy Theories? Revisiting the Efficiency Rationale

2006 ◽  
Vol 39 (3) ◽  
pp. 180-228
Author(s):  
Yaad Rotem
Keyword(s):  
Decision Making ◽  
Law And Economics ◽  
Point Of View ◽  
Corporate Bankruptcy ◽  
Third Order ◽  
Wealth Maximization ◽  
First Order ◽  
Ex Post ◽  
The Many ◽  
Social Wealth

What is corporate bankruptcy law's unique function in the economy? Law and economics scholars reject using it to achieve purely redistributive purposes but this is where their agreement ends. Thus, two questions serve as focal points for debate: First, should the decision on how to redeploy in the economy the assets of the financially distressed firm be mandatory or enabling? Second, which decision-making mechanism should be employed by lawmakers? “First order” theories (arguing for and against a mandatory bankruptcy regime), or “second order” theories (arguing for and against different methods of mandatory decision-making) ensued as a result. Unfortunately, “third order” attempts to supply a convincing answer to the economic question—combining as part of the answer the many redistributive impulses displayed in any corporate bankruptcy setting—were few and scarce. Moreover, scholars have been arguing with each other without fully exhausting the discussion of the gap dividing them. An ex-ante point of view, highlighting the perspective of the debtor-firm's relations with its consensual investors, was offered to lawmakers contemplating social wealth maximization, as a replacement to the conventional ex-post point of view, which emphasizes a more general societal perspective. The distinction between the two paradigms did not go unnoticed by scholars, but unexplainably, it failed to become the center of debate.

DEONTOLOGY, THRESHOLDS, AND EFFICIENCY

Legal Theory ◽  
2011 ◽  
Vol 17 (4) ◽  
pp. 301-317 ◽  
Author(s):  
Christopher T. Wonnell
Keyword(s):  
Decision Making ◽  
Degrees Of Freedom ◽  
Moral Judgments ◽  
Rule Following ◽  
Threshold Functions ◽  
Ex Post ◽  
Ex Ante ◽  
The Many ◽  
The Relationship ◽  
Public Decision

This article explores four topics raised by Eyal Zamir and Barak Medina's treatment of constrained deontology. First, it examines whether mathematical threshold functions are the proper way to think about limits on deontology, given the discontinuities of our moral judgments and the desired phenomenology of rule-following. Second, it asks whether constrained deontology is appropriate for public as well as private decision-making, taking issue with the book's conclusion that deontological options are inapplicable to public decision-making, whereas deontological constraints are applicable. Third, it examines the issue of the relationship between deontology and efficiency, asking whether deontological constraints should yield in situations where everyone would expect to benefit from their suspension, either ex ante or ex post. Finally, the article concludes that constrained deontology is susceptible to political abuse because of the many degrees of freedom involved in identifying constrained actions and the point at which those constraints yield to consequentialist benefits.

To What Extent Should We Enrich Law and Economics? On Calabresi and his Future of Law and Economics

Global Jurist ◽  
2019 ◽  
Vol 19 (3) ◽  
Author(s):  
Régis Lanneau
Keyword(s):  
Decision Making ◽  
Economic Theory ◽  
Real World ◽  
Law And Economics ◽  
Point Of View ◽  
The Future ◽  
Epistemological Point ◽  
Laws And Regulations

Abstract In this paper, I argue that the “expanded” economic theory advocated in Calabresi’s book “The Future of Law and Economics” could be interpreted in at least three different ways, all of which are compatible. First, Calabresi’s book could be interpreted as an attempt to incentivize lawyer-economists to explore laws and regulations from different angles or perspectives rather than merely apply neoclassical theories. Second, it could be considered an attempt to justify the introduction of the notion of moral costs into law and economics to better explain some legal realities. Third, it could be considered an attempt to advocate, in a more normative way, the need to incorporate moral costs into real world analysis to better improve upon decision making. This paper will address and discuss each of these possible interpretations. It will be clear that, from an epistemological point of view, if the first interpretation might be more widely accepted because it is less controversial, the second and third interpretations remain more problematic. Admittedly, the concept of moral costs could obscure and even distort our understanding of some legal realities. Moreover, the introduction of such costs for decision making is raising questions which cannot be answered through economic theory alone.

scholarly journals Fuzzy Multicriteria Decision Mapping to Evaluate Implant Design for Maxillofacial Reconstruction

Mathematics ◽  
2020 ◽  
Vol 8 (12) ◽  
pp. 2121
Author(s):  
Khaja Moiduddin ◽  
Syed Hammad Mian ◽  
Usama Umer ◽  
Hisham Alkhalefah ◽  
Abdul Sayeed
Keyword(s):  
Decision Making ◽  
Cost Effective ◽  
Point Of View ◽  
Implant Design ◽  
Consumer Experience ◽  
Multiple Sources ◽  
Medical Practitioners ◽  
Scientific Innovation ◽  
Criteria Weights ◽  
The Many

Technological advancements in healthcare influence medical practitioners as much as they impact the routine lives of the patients. The mandible reconstruction, which constitutes an important branch in facioplasty, has been a challenging task for medical professionals. As part of scientific innovation, tailor-made implants are valuable for sustaining and regenerating facial anatomy, as well as preserving the natural appearance. The challenge of choosing an acceptable implant design is a tedious process due to the growing number of designs with conspicuous effectiveness. The design should be agreeable, easy-to-design, sustainable, cost-effective, and undemanding for manufacturing. The optimal implant design can efficiently and effectively recover the structure and morphology of the flawed region. Evidently, among the many variants, the choice of appropriate design is one of the prevalent implant design problems and is still under consideration in most studies. This work is focused on the multiattribute decision-making (MCDM) approach to choosing the most effective implant design. The prevalence of subjectivity in decision-making and the presence of inconsistency from multiple sources emphasize the strategies that must take ambiguity and vagueness into account. An integrated MCDM methodology, assimilating two modern and popular techniques is adopted in this work. The preferred approach implements the Fuzzy Analytical Hierarchy Process based on the trapezoidal fuzzy number to extract the criteria weights in decision mapping and the Technique for Order of Preference by Similarity to Ideal Solution and VIKOR to assess design choices. A two-stage mechanism is the cornerstone of the established methodology. The first stage analyses the criteria from the point of view of the designer, the context of fabrication, and consumer experience. The second stage identifies the most viable and feasible design. The procedure applied in this analysis can be considered to choose the optimal implant design and to decide on areas of improvement that ensure greater patient experience.

scholarly journals A ‘second youth’ for the EU Speakers’ Conference? A critical appraisal of its ‘quasi-constitutional’ role

2018 ◽  
Vol 10 (3) ◽  
pp. 83-106
Author(s):  
Cristina Fasone
Keyword(s):  
Decision Making ◽  
Critical Appraisal ◽  
Ex Post ◽  
Decision Making Capacity ◽  
Rules Of Procedure ◽  
Constitutional Constraints ◽  
The Many ◽  
Rule Making ◽  
The Eu

Abstract The EU Speakers’ Conference has experienced a ‘second youth’ after the entry into force of the Treaty of Lisbon by playing a ‘quasi-constitutional’ role in inter-parliamentary cooperation, and in particular by trying to exercise a rule-making function over the many inter-parliamentary venues of the EU’s system of government. The fulfilment of such a function has certainly not been made any easier as a consequence of the constitutional constraints surrounding the positions of the Speakers and Presidents of the European and Member States’ (MS) Parliaments, with a considerable variety in terms of powers and decision-making capacity among the MS and the EU. Despite these limitations, the ‘quasi-constitutional’ role of the EU Speakers’ Conference has mainly consisted of approving guidelines, if not directly rules of procedure, for other inter-parliamentary venues. It has also been argued that the coordinating function of the EU Speakers’ Conference can be much more effective when looking at its ‘quasi-constitutional’ role, and also in its function of joint parliamentary scrutiny in the EU, if it is aimed at enhancing the rational organisation of inter-parliamentary activities in terms of timing, agendas and ex-post supervision of the results, in the absence of any other possible alternative to the Speakers’ leadership.

scholarly journals The quality of work-life and relation to organizational excellence at King Khalid University of the faculty members' point of view / Business School Case study

2019 ◽  
Vol 25 (116) ◽  
pp. 68-92
Author(s):  
Ahmed Al Yami ◽  
Eman Haif A, bin Wared
Keyword(s):  
Decision Making ◽  
Training And Development ◽  
Work Life ◽  
Point Of View ◽  
Faculty Members ◽  
Quality Of Work Life ◽  
Quality Of Work ◽  
First Order ◽  
Organizational Excellence

This study aimed to identify the quality of the career path and its relation to organizational excellence at King Khalid University in the Faculty of Business from the point of view of the faculty members by identifying the dimensions quality of work-life including (participation of decision making, training and development opportunities, and the balance between personal and work life, and to identify the level of organizational excellence through dimensions ( Excellence of leadership, excellence of the  strategy, and excellence of organizational culture). The descriptive approach was used. The questionnaire was a research tool. It consisted of (29) paragraphs, distributed to the entire study community and then received 127 responses. The results of the study showed that the level of quality of career life is generally average, while training and development came in the first order, followed by the quality of participation in decision making, while the balance between work and personal life ranked last. The level of organizational excellence was generally high. Excellence in organizational culture was in the first order, followed by strategic excellence, and finally leadership excellence. The study showed a statistically significant relationship between the total degree of quality of the functional life and all dimensions of the organizational excellence variable. Finally, the study recommended that the faculty members should participate more, adopt training programs, pay attention to leadership methods that stimulate work and production, attract the distinguished human resources, the need to provide the quality of work life.  

scholarly journals Le contrôle judiciaire de la procédure administrative : éléments de droit comparé, fédéral, ontarien et québécois

2005 ◽  
Vol 23 (3) ◽  
pp. 651-686
Author(s):  
Patrick Robardet
Keyword(s):  
Decision Making ◽  
Federal Court ◽  
Point Of View ◽  
Comparative Approach ◽  
Judicial Control ◽  
Administrative Procedure ◽  
Administrative Agencies ◽  
The Many

The exercise of diverse powers whether « administrative » or judicial or quasi-judicial by administrative bodies, raises many procedural issues. This article approaches them from a comparative point of view, hocking at selected cases from of Ontario and Quebec courts and the Federal Court of Canada. The cases studied concern the judicial control of administrative procedure followed by central institutions (that is, the Crown, governmental departments and administrative agencies, commissions or boards) in the three systems of law mentioned. A comparative approach permits us to identify existing trends in the immense body of day-to-day decisions made by the courts. Thus, with respect to the many procedural questions raised by administrative and governmental decision-making, elements of convergence or divergence can be identified in the judicial answers given to practical issues.

Medical Diagnosis from a Clinician’s Point of View

1978 ◽  
Vol 17 (01) ◽  
pp. 28-35
Author(s):  
F. T. De Dombal
Keyword(s):  
Decision Making ◽  
Data Analysis ◽  
Computer Science ◽  
Medical Diagnosis ◽  
Information Science ◽  
Point Of View ◽  
Joint Research ◽  
The World

This paper discusses medical diagnosis from the clinicians point of view. The aim of the paper is to identify areas where computer science and information science may be of help to the practising clinician. Collection of data, analysis, and decision-making are discussed in turn. Finally, some specific recommendations are made for further joint research on the basis of experience around the world to date.

Public Investment Criteria: Benefit-Cost Analysis for Planned Economic Growth by Stephen A. Marglin. London: George Allen & Unwin Ltd., 1967. pp.103. 22s. 6d.********** Investments for Capacity Expansion: Size, Location and Time-Phasing edited by Alan S. Manne. London: George Allen & Unwin Ltd., 1967. pp.239. 45s.Investments for Capacity Expansion: Size, Location and Time-Phasing edited by Alan S. Manne. London: George Allen & Unwin Ltd., 1967. pp.239. 45s.

1967 ◽  
Vol 7 (3) ◽  
pp. 416-420
Author(s):  
Arthur MacEwan
Keyword(s):  
Cost Benefit Analysis ◽  
Public Investment ◽  
Cost Benefit ◽  
Capacity Expansion ◽  
Point Of View ◽  
Systematic Analysis ◽  
Benefit Cost Analysis ◽  
The Government ◽  
The Many ◽  
Benefit Cost

These books are numbers 4 and 5, respectively, in the series "Studies in the Economic Development of India". The two books are interesting complements to one another, both being concerned with the analysis of projects within national plan formulation. However, they treat different sorts of problems and do so on very different levels. Marglin's Public Investment Criteria is a short treatise on the problems of cost-benefit analysis in an Indian type economy, i.e., a mixed economy in which the government accepts a large planning responsibility. The book, which is wholely theoretical, explains the many criteria needed for evaluation of projects. The work is aimed at beginning students and government officials with some training in economics. It is a clear and interesting "introduction to the special branch of economics that concerns itself with systematic analysis of investment alternatives from the point of view of a government".

Evidence for general base catalysis by protic solvents in a kinetic study of alcoholyses and hydrolyses of 1-(phenoxycarbonyl)pyridinium ions under both solvolytic and non-solvolytic conditions

2009 ◽  
Vol 74 (1) ◽  
pp. 43-55 ◽  
Author(s):  
Dennis N. Kevill ◽  
Byoung-Chun Park ◽  
Jin Burm Kyong
Keyword(s):  
Second Order ◽  
Base Catalysis ◽  
Substitution Reactions ◽  
Third Order ◽  
Methoxy Derivative ◽  
First Order ◽  
General Base ◽  
Protic Solvents ◽  
Kinetics Of ◽  
Pyridinium Ions

The kinetics of nucleophilic substitution reactions of 1-(phenoxycarbonyl)pyridinium ions, prepared with the essentially non-nucleophilic/non-basic fluoroborate as the counterion, have been studied using up to 1.60 M methanol in acetonitrile as solvent and under solvolytic conditions in 2,2,2-trifluoroethan-1-ol (TFE) and its mixtures with water. Under the non- solvolytic conditions, the parent and three pyridine-ring-substituted derivatives were studied. Both second-order (first-order in methanol) and third-order (second-order in methanol) kinetic contributions were observed. In the solvolysis studies, since solvent ionizing power values were almost constant over the range of aqueous TFE studied, a Grunwald–Winstein equation treatment of the specific rates of solvolysis for the parent and the 4-methoxy derivative could be carried out in terms of variations in solvent nucleophilicity, and an appreciable sensitivity to changes in solvent nucleophilicity was found.

Psychology and the New Private Law

2020 ◽  
pp. 124-142
Author(s):  
Tess Wilkinson-Ryan
Keyword(s):  
Social Psychology ◽  
Decision Making ◽  
Law And Economics ◽  
Mental States ◽  
Psychological Research ◽  
Private Law ◽  
Legal Decision ◽  
Psychological Analysis ◽  
Legal Decision Making ◽  
Normative Models

This chapter presents a framework for understanding the most promising contributions of psychological methods and insights for private law. It focuses on two related domains of psychological research: cognitive and social psychology. Cognitive psychology is the study of mental processes, which one might shorthand as “thinking.” Social psychology asks about the role of other people—actual, implied, or imagined—on mental states and human behavior. The chapter is oriented around five core psychological insights: calculation, motivation, emotion, social influence, and moral values. Legal scholarship by turns tries to explain legal decision-making, tries to calibrate incentives, and tries to justify its values and its means. Psychology speaks to these descriptive, prescriptive, and normative models of decision-making. The chapter then argues that psychological analysis of legal decision-making challenges the work that the idea of choice and preference is doing in private law, especially in the wake of the law and economics movement.

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