The (Non) Economic Properties of the Law

Leo Katz and Alvaro Sandroni
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Leo Katz: University of Pennsylvania Law School, 3501 Sansom Street, Philadelphia, PA 19104, USA
Alvaro Sandroni: Department of Managerial Economics and Decision Sciences, Kellogg School of Management, Northwestern University, Evanston, IL 60208, USA

Games, 2021, vol. 12, issue 1, 1-8

Abstract: This paper shows that the logical properties of constraints imposed by law are fundamentally different from other constraints considered in economics such as budget constraints and bounded rationality constraints, such as the ones based on inattention or shortlisting. This suggests that to fully incorporate law into economics may require a revision of economic theory.

Keywords: law; order; rationalizability (search for similar items in EconPapers)
JEL-codes: C C7 C70 C71 C72 C73 (search for similar items in EconPapers)
Date: 2021
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