LAW AND ECONOMIC DYNAMICS

Lisa Morhaim () and Yildiz Ulus ()
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Lisa Morhaim: CRED - Centre de Recherche en Economie et Droit - Université Paris-Panthéon-Assas, Université Paris-Panthéon-Assas
Yildiz Ulus: GSU - Galatasaray University

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Abstract: In this paper, we provide the foundations for intertemporal models in Law and Economics. We first propose a general dynamic framework (G) that is ready to apply by Law and Economics scholars and opens the path to many further contributions. We expose the mathematical tools to solve it and provide the related results. They include two main mathematical approaches: variational tools allowing sensitivity analysis and dynamic programming tools which are standard in Game Theory, thus natural for classical law and economic models. This paper also illustrates how to transition from static to dynamic analysis. It is done through two emblematic applications: one concerns Liability and the other one Crime and Punishment. This can inspire future research to enrich static models with dynamic analysis.

Keywords: Intertemporal model Decision Law and Economics Dynamics Liability Crime and Punishment Variational tools Dynamic programming. JEL Classification: C61 K1 K4; Intertemporal model; Decision; Law and Economics; Dynamics; Liability; Crime and Punishment; Variational tools; Dynamic programming. JEL Classification: C61; K1; K4 (search for similar items in EconPapers)
Date: 2025-04-04
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