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Law, Economics, and Game Theory (Paperback)
Loot Price: R1,230
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Law, Economics, and Game Theory (Paperback)
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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. Economics and Game Theory: Law and economics books focus
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. Game Theory and Law: Lawsuits usually
involve litigation between two parties, not the myriad participants
in markets, so the assumption of self-interest constrained by
markets does not carry over to legal disputes involving one-on-one
bargaining in which the law gives one party superior bargaining
power. Game theory models predict the effect of different legal
institutions, rights, and rules on the outcome of such bargaining.
Game theory also has a natural four-model framework which is used
in this book to analyze the law and economics of civil obligation,
which consists of torts (negligence), contracts, and unjust
enrichment.
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