![]() This is particularly true of current U.S. However, the laws of the major commercial nations are less efficient than they could be. This presents a problem of "double moral hazard" and it cannot be solved in a first-best efficient way. An owner and a buyer cannot both be faced with the full loss, however. An owner will take optimal precautions to prevent theft if she is faced with the loss of her goods and a purchaser will make an optimal investigation into his seller's title if faced with the loss of the goods. We argue that pnor treatments have misconceived the problem. ![]() ![]() This Essay is a comparative economic analysis of the disparate doctrims governing the good faith purchase of stolen or misappropriated goods.
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