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