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For example, the decoy effect shows that inserting a $5 medium soda between a $3 small and $5.10 large can make customers perceive the large as a better deal (because it's "only 10 cents more than the medium"). Behavioral economics introduces models that weaken or remove many assumptions of consumer rationality, including IIA. This provides ...
Copeland v Greenhalf [1952] Ch 488 is an English property law case establishing that excessive use of another's land cannot be granted by way of an easement. The defendant claimed that he held a prescriptive right to leave an unlimited number of cars on his neighbour's land, by way of such a right having existed for some fifty years previously.
Copeland's method falls in the class of Condorcet methods, as any candidate who wins every one-on-one election will clearly have the most victories overall. [1] Copeland's method has the advantage of being likely the simplest Condorcet method to explain and of being easy to administer by hand.
The first is "benefit-detriment theory," in which a contract must be either to the benefit of the promisor or to the detriment of the promisee to constitute consideration (though detriment to the promisee is the essential and invariable test of the existence of a consideration rather than whether it can be constituted by benefit to the promisor ...
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These considerations must influence the judgment as to whether, properly construed, a particular item of legislation is in keeping with the principle or not. But that does not amount, in my opinion, to the creation of a presumption in law that the principle must be taken to apply unless it has been removed by express statutory language.
According to Currie v Misa, [1] consideration for a particular promise exists where some right, interest, profit or benefit accrues (or will accrue) to the promisor as a direct result of some forbearance, detriment, loss or responsibility that has been given, suffered or undertaken by the promisee. Forbearance to act amounts to consideration ...