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Fairness in Law and Economics

Lee Anne Fennell and Richard H. McAdams

Although the relationship between fairness and the economic concept of efficiency is usually cast as an adversarial one, this collection demonstrates the robust and diverse ways in which economics engages – and cannot avoid engaging – with fairness. This research review selects papers presenting positive analyses of fairness preferences and beliefs, which are fundamental means through which fairness matters for economic models and then turns to normative analysis and the broad question of how law should reconcile fairness and efficiency considerations. It presents a sampling of legal and policy applications in which both fairness and efficiency considerations prove important.

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