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Austrian Perspectives in Law and Economics  

Shruti Rajagopalan and Mario J. Rizzo

Print publication date:
Apr 2017
Online publication date:
May 2017
This article describes and analyzes the Austrian approach to law and economics within the context of the law and economics discipline. The important and distinctive feature of the Austrian ... More

Bounded Rationality, Behavioral Economics, and the Law  

Christine Jolls

Print publication date:
Apr 2017
Online publication date:
May 2017
Behavioural economics has become a leading force in applied economics, including in economic analysis of law. At the heart of behavioural economics is the concept of bounded rationality. ... More

Carrots vs. Sticks  

Giuseppe Dari-Mattiacci and Gerrit DeGeest

Print publication date:
Apr 2017
Online publication date:
May 2017
This article draws a general picture of the differences between the metaphors of carrots and sticks. It discusses incentive effects (in principle, a $100 carrot creates the same incentives ... More

Collective Decision-Making and Jury Theorems  

Shmuel Nitzan and Jacob Paroush

Print publication date:
Apr 2017
Online publication date:
May 2017
Issues related to collective decision making and to Condorcet jury theorems have been studied and publicly discussed for over two hundred years. Recently, there is a burgeoning interest in ... More

Conducting Ethical Economic Research: Complications from the Field  

Harold Alderman, Jishnu Das, and Vijayendra Rao

Print publication date:
Apr 2016
Online publication date:
Mar 2014
This chapter discusses practical issues confronted when conducting surveys as well as designing appropriate field trials. First, we look at the challenge of ensuring transparency while ... More

Constitutional Economics and the Law  

Stefan Voigt

Print publication date:
Apr 2017
Online publication date:
May 2017
The economic analysis of constitutions, also known as ‘constitutional economics’ or ‘constitutional political economy’ is a young research program. Standard economics used to focus on the ... More

Contractarian Perspectives in Law and Economics  

Georg Vanberg and Viktor Vanberg

Print publication date:
Apr 2017
Online publication date:
May 2017
This article sketches the distinct perspective that a contractarian approach can bring to law and economics. It focuses on a particularly important strand of the contractarian tradition: ... More

Cost–Benefit Analysis in Legal Decision-Making  

Richard O. Zerbe Jr.

Print publication date:
Apr 2017
Online publication date:
May 2017
Benefit-cost analysis (BCA), or cost-benefit analysis, is important in policy and law. This article introduces the nature and history of BCA to provide an understanding of the development ... More

Critiques of Law and Economics  

David Driesen and Robin Paul Malloy

Print publication date:
Apr 2017
Online publication date:
May 2017
This article summarizes leading critiques of law and economics. These critiques are grouped into three categories. The article first addresses concerns about the normative value of ... More

Economic Models of Law  

Thomas J. Miceli

Print publication date:
Apr 2017
Online publication date:
May 2017
This article discusses the use of economic models for understanding law. It begins by describing the nature of economic models in general, and then turns to the specific application of ... More

Empirical Law and Economics  

Jonah B. Gelbach and Jonathan Klick

Print publication date:
Apr 2017
Online publication date:
May 2017
This article begins with a stylized history of empirical work in law and economics. It links the success of the empirical movement in law and economics with the so-called ‘credibility ... More

Evolutionary Law and Economics  

Georg von Wangenheim

Print publication date:
Apr 2017
Online publication date:
May 2017
This article examines the use of evolutionary theories in law and economics. It begins with a discussion of the concept of evolution. It then explains the central ideas of three central ... More

Ex Ante vs. Ex Post  

Donald A. Wittman

Print publication date:
Apr 2017
Online publication date:
May 2017
Sometimes the sequence of events is important for establishing rights and obligations, and sometimes it is not. For example, if a nuisance was there before the neighbouring residences ... More

Experimental Economics and the Law  

Charles Holt and Sean P. Sullivan

Print publication date:
Apr 2017
Online publication date:
May 2017
Experimental economics finds an analytical foothold in at least three archetypal areas of legal scholarship and practice. First, it can be used to explore the functioning of legal ... More

Experimental Psychology and the Law  

Tess Wilkinson-Ryan

Print publication date:
Apr 2017
Online publication date:
May 2017
Experimental psychology has become an increasingly reliable and available tool for legal scholars the research of which implicates human behaviour and cognition. This article considers ... More

The Future of Law and Economics  

Gary S. Becker and Richard A. Posner

Print publication date:
Apr 2017
Online publication date:
May 2017
This exchange between Judge Posner and Professor Becker — two founding fathers of our discipline — was composed almost three years ago, but the perspective and wisdom of this exchange ... More

Law and Social Norms  

Emanuela Carbonara

Print publication date:
Apr 2017
Online publication date:
May 2017
Legal norms are often seen as a means to regulate behaviour when neither self-interest nor social norms produce the desired behaviour in individuals. This suggests, on the one hand, that ... More

Mechanism Design and the Law  

Werner Güth

Print publication date:
Apr 2017
Online publication date:
May 2017
Mechanism design is the game theoretic jargon for institutional design and the even older tradition (in German) of ‘Ordnungspolitik’ (institutional design policy). When implementing ... More

Moral Philosophy and Law and Economics  

Brian H. Bix

Print publication date:
Apr 2017
Online publication date:
May 2017
This article explores how law and economics is viewed from the perspective of moral philosophy. Given that ‘law and economics’ is a category that covers a large and diverse set of theories ... More

Optimal Redistributional Instruments in Law and Economics  

Chris William Sanchirico

Print publication date:
Apr 2017
Online publication date:
May 2017
This article discusses three strands of the literature on optimal redistributional instruments. The first strand concerns what is sometimes referred to as the ‘tax substitution argument’, ... More

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