Efficient laws have profound positive social, economic, political and welfare effects. This book develops a new approach to the formulation of efficient laws with an illustrative application to electronic fund transfer regulation in Australia. This approach can be applied to formulate efficient laws, irrespective of social, political and economic organizations of the country under study, which maximize social welfare of the country.For example, the loss allocation rules for credit cards do vary considerably from those for EFT debit cards. ... merchant is engaged in fraud or does not agree to the return of defective merchandise, for example, while credit card payments can.
|Title||:||Formulation of Appropriate Laws: A New Integrated Multidisciplinary Approach and an Application to Electronic Funds Transfer Regulation|
|Author||:||Paul White, Sardar M. N. Islam|
|Publisher||:||Springer Science & Business Media - 2008-05-08|