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c244749286 One type of seffect is an effect on which actions are members of the choice set. Thus, we might model civil litigation as a game played by plaintiffs against defendants. Nonetheless, I hope I have given you an idea of how you might begin to think and argue about this topic. Firstly as a descriptive analysis it doesnt do justice to everyday legal conceptions. Economists and lawyers used and adapted concepts and analysis from economics to show that legal rules and doctrines often had a clear economic rationale, and to show how these concepts illuminated how laws and legal systems affect behavior and the efficiency of economic outcomes.
"Law and Economics" article in the Internet Encyclopedia of Philosophy . Standard econometric techniques are not helpful because the predictions involve situations far from our experience. Court of Appeals for the Seventh Circuit judges Frank Easterbrook and Richard Posner, Andrei Shleifer and other distinguished scholars such as Robert Cooter, Henry Manne, William Landes, and A. Designing legal rules with an eye to the possibility of strategic action helps ensure that the rules will not create perverse outcomes. Although we have seen few papers that model both adoption of laws and the effects of those laws, we have seen some neat examples of IVs in use.(2) Hornbeck (2010) uses a technological advancethe invention of barbed wireto test for the effects of enforceability of property rights on investment and development. Many law schools in North America, Europe, and Asia have faculty members with a graduate degree in economics. Therefore, we ought to support reparations, which is the second-best policy. Data, if tortured long enough, can be made to say anything. If you wish to confess, you must leave a note with the jailer before my return tomorrow morning." This is illustrated by Table One. But both Ben and Alice would be better off if neither confessed.