Economic Analysis of Law

Mitja Kovač ()
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Mitja Kovač: University of Ljubljana

Chapter Chapter 2 in Generative Artificial Intelligence, 2024, pp 17-42 from Springer

Abstract: Abstract This chapter offers a synthesis of the employed law and economics methodology and provides an overview of the concepts of rationality, risk-aversion, transaction cost phenomena and investigates the nature of economic reasoning. It also offers a brief historical narrative of the employed methodology and investigates the relationship between the positive and normative analysis. Moreover, this chapter also provides a brief summary on the rational and irrational human decision-making process, maximization of utility and welfare, on notion of behavioural law and economics and offers a general implication and evidences of boundedly rational and non-rational human behaviour.

Keywords: Law and economics; Transaction cost; Wealth maximization; Rationality; Risk-aversion; Behavioural law and economics; Decision-making; Methodology (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-65514-2_2

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DOI: 10.1007/978-3-031-65514-2_2

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