Affiliation:
1. Hanken School of Economics, Helsinki, Finland; UC Berkeley Law, Center for Law and Technology, USA.
Abstract
We need law and economics to do the scientific measurement necessary for legal design to be seen as on the stage of science. Law and economics—which is the application of economic theory, especially microeconomic theory, to the analysis and the practice of law--is a valid tool and approach to reflect on what should be empirically investigated in the practice of legal design. The neoclassical (mainstream) theoretical foundation of economic analysis of law is, however, at times far from reality as it often predicts uncooperative and even selfish behaviour. In real life people do cooperate, have empathy, emotions and even behave in an altruistic way. For those reasons, behavioural law and economics and conventional wisdom are needed to complement the teachings from standard theory in the field of commercial contracting.
Subject
General Arts and Humanities
Reference19 articles.
1. Axelrod R (1980) “Axelrod's Tournament.” Accessed July 31, 2021. https://cs.stanford.edu/people/eroberts/courses/soco/projects/1998-99/game-theory/axelrod.html
2. Interpretation and Implied Terms in Contract Law
Cited by
5 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献