Law and EconomicsProviding students with a method to apply economic analysis to the study of legal rules and institutions, this work uses recent advances in microeconomics to develop economic theories in four cores areas of the law - property, contracts, torts and crime. The book features a discussion of the use of game theory to understand the law. It also includes empirical literature on such topics as product liability, medical malpractice and crime and punishment. |
From inside the book
Results 1-3 of 43
Page 33
... GAME THEORY In a previous section we noted the need for a new analytical tool called the theory of games to analyze the market structure known as oligolopy . This section gives you a brief overview of that ... GAME THEORY 33 33 Game Theory.
... GAME THEORY In a previous section we noted the need for a new analytical tool called the theory of games to analyze the market structure known as oligolopy . This section gives you a brief overview of that ... GAME THEORY 33 33 Game Theory.
Page 35
... game , that both suspects confess , is an equilibrium : there is no reason for either player to change his or her strategy . There is a famous concept in game theory that characterizes this equilibrium - a Nash equilibrium ... GAME THEORY 35.
... game , that both suspects confess , is an equilibrium : there is no reason for either player to change his or her strategy . There is a famous concept in game theory that characterizes this equilibrium - a Nash equilibrium ... GAME THEORY 35.
Page 36
... game ? If the same players play the same game according to the same rules repeatedly , then it is possible that cooperation can arise and that players have an incentive to establish a reputation - in ... THEORY The Theory of Asset Pricing.
... game ? If the same players play the same game according to the same rules repeatedly , then it is possible that cooperation can arise and that players have an incentive to establish a reputation - in ... THEORY The Theory of Asset Pricing.
Contents
A Review of Microeconomic Theory | 9 |
An Introduction to Law and Legal Institutions | 55 |
Topics in the Economics of Property Law | 111 |
Copyright | |
10 other sections not shown
Other editions - View all
Common terms and phrases
accident allocation alternative amount assume award behavior benefit breach buyer cause chapter Coase theorem common law comparative negligence Consequently consider consumers contract law cooperative surplus court crime criminal curve defendant demand deterrence disputes drugs economic analysis economists efficiency requires enforceable equals equilibrium error example exchange expected monetary value expected value explained external fact Figure game theory harm illustrate incentives income increase indifference curve injurer injurer's investment judge lawyers legal standard litigation loss marginal cost maximize monopoly negligence rule optimal output owner ownership Pareto efficiency parties patent payoff perfect compensation performance plaintiff precaution probability production profits promise promisor property law property rights punishment punitive purchase QUESTION rancher rational relationship reliance remedy risk second player seller settlement social costs strict liability Suppose threat value tion tort law tort liability transaction costs trial United utility victim zero