Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider fire damage to crops caused by the sparks emitted by passing trains. Posner writes that there is no presumption in economic theory that the
Consider fire damage to crops caused by the sparks emitted by passing trains. Posner writes "that there is no presumption in economic theory that the railroad rather than the farmer should be made to bear the cost of spark damage." Explain. How does the concept of "least cost avoider" help understand the assignment of property rights in such cases?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started