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Law, economics, and game theory

Author: John Cirace
Publisher: Lanham, Maryland : Lexington Books, [2018]
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
"This book considers three relationships: law and economics; economics and game theory; and game theory and law. Economists teach lawyers that economic principles cut across and integrate seemingly different legal subjects such as contracts, torts, and property. Correspondingly, lawyers teach economists that legal rationality is a separate and distinct decision-making process that can be formalized by behavioral  Read more...
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Additional Physical Format: Online version:
Cirace, John.
Law, economics, and game theory.
Lanham : Lexington Books, 2018
(DLC) 2018019367
Document Type: Book
All Authors / Contributors: John Cirace
ISBN: 9781498549080 149854908X
OCLC Number: 1023606219
Description: vii, 383 pages : illustrations ; 27 cm
Contents: Pareto efficiency and kaldor-hicks criterion compared --
Rational economic behavior and logic defined --
Judicial use of economic rationality (efficiency) --
Equal protection and lexical constraints on efficiency --
Legal rationality and logic defined --
When are law and economics consistent (isomorphic)? --
Prisoners' dilemma and introduction to game theory --
Market and government failures as prisoners' dilemmas --
Five requirements for competitive markets --
In the long run we are all dead --
Rottenberg's theorem: effect of a change in property rights on free markets --
Coase's tactual theorems: property rights, liability rules, and mutually interfering activities --
Calabresi's criteria for allocating accident costs common to several activities --
Posner's economic analysis of the common law --
Risk, insurance, judge hand test, and value of a statistical life --
Incomplete information: adverse selection, moral hazard, and principal-agent problem --
Game theoretic framework for law and economics of civil obligation --
Torts: negligence and products liability --
Strict rules, competitive market contract model --
Discretionary standards, imperfect competition contract model --
Decision theory, suit, and settlement.
Responsibility: John Cirace.

Abstract:

This book uses game theory to explain conflict between individual self-interested behavior and cooperation in economic markets, lawsuits, and legislative bodies. It demonstrates the need for social  Read more...

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Law and Economics is an important field by now. Law students, judges, lawyers, legal commentators cannot understand the law without being familiar with Law and Economics. This books provides for a Read more...

 
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    schema:description ""This book considers three relationships: law and economics; economics and game theory; and game theory and law. Economists teach lawyers that economic principles cut across and integrate seemingly different legal subjects such as contracts, torts, and property. Correspondingly, lawyers teach economists that legal rationality is a separate and distinct decision-making process that can be formalized by behavioral rules that are parallel to and comparable with the behavioral rules of economic rationality, that efficiency often must be constrained by legal goals such as equal protection of the laws, due process, and horizontal and distributional equity, and that the general case methodology of economics vs. the hard case methodology of law for determining the truth or falsity of economic theories and theorems sometimes conflict. [This book focuses] on economic analysis of judges’ decisions in common law cases and have been mostly limited to contracts, torts, property, criminal law, and suit and settlement. There is usually no discussion of the many areas of law that require cooperative action such as is needed to provide economic infrastructure, control public 'bad' type externalities, and make legislation. Game theory provides the bridge between competitive markets and the missing discussion of cooperative action in law and economics. How? Competitive markets are examples (subset) of the prisoners’ dilemma, which explains the conflict between individual self-interested behavior and cooperation both in economic markets and in legislative bodies and demonstrates the need for social infrastructure and regulation of pollution and global warming."--"@en ;
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