Law and Economics Discussion
Please answer the following three questions in your own words from your reading:
1. Analyze and expand on the example in Chapter 1, Example 3 (Eddie’s Electric v. Lucille’s Laundry) through the end of Chapter 1, Section II. What did the example case miss, if anything? Put another way, are there other types of damages to Eddie’s and/or to Lucille’s not considered by the authors?
2. Game Theory, discussed in Chapter 2, Section VII delves into optimal and sub-optimal actions. Re-read (or read!) that that Section and discuss how you may see game theory played out in your own area of interest or employment. Try and use examples, BUT DO NOT disclose any private or confidential information in your answer.
3. Chapter 3, Section I tackles the intersection of Civil Law and (English) Common Law. Does it matter that these bodies of law, one of which generally flows from the other? In your perfect world, should we favor one form of law over the other, and why? If your home legal system does NOT use English Common Law as its basis what is the basis for your Civil Law?
I expect that each of your answers will clearly express your own ideas, and if you cite to outside work you provide a proper APA 6th citation in the body of your answer and and the full citation below your answer.
I realize that some of you may be put off by the math and/or the charts in the text. In fact, you may skip Chapter 2, Section III (Mathematical Tools). My focus for you is not that you be able to perform or even fully understand the high level math and graphs, but that you learn the general concepts connected with the math.
Finally, please remember that in law, there is rarely a clear cut ‘winner’, especially when it comes to an economic analysis or a dispute between two or more litigants.
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