Law and Economics

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In Dennis M. Patterson (ed.), A Companion to Philosophy of Law and Legal Theory. Blackwell. pp. 299–326 (1996)
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Abstract

This chapter contains sections titled: An Economic Model of Carroll Towing Relaxing the Model's Initial Assumptions Efficiency as a Norm Some Limitations of Law and Economics Conclusion References.

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Keywords

law and economics   economic analysis of law ‐ pervasive interdisciplinary field of legal studies in history of American law   American appellate court decisions ‐ and testing “theory of negligence”   “Hand Formula” ‐ efficiency goal of minimizing total cost of accidents   economic model of Carroll Towing ‐ simple model using the facts in Carroll Towing   Risk ‐ neutral individuals ‐ caring about expected value of an option   introduction to game theory ‐ assessing what the tug owner and barge owner will do   efficient level of activity ‐ net marginal gains of additional unit of activity are no longer positive   positivist hypothesis and courts applying Hand Formula ‐ with “reasonable care”   efficiency as a norm ‐ successfully promoting efficiency in tort cases

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2010

ISBN(s)

9781444320114   9781405170062

DOI

10.1002/9781444320114.ch19

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