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Encyclopedia of Law and Economics

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Опубликовано на портале: 05-02-2003
Louis Kaplow Encyclopedia of Law and Economics. 1999. 
This chapter addresses two fundamental characteristics of rules. The first concerns the degree of precision, detail, or complexity they embody: how finely are different sorts of behavior to be distinguished? A second aspect of legal commands concerns when a given level of detail is provided - at the time of promulgation (rules) or subsequent to individuals actions, in the context of adjudication (standards). These aspects of rules are considered from a perspective that focuses upon information costs and dissemination: different sorts of legal commands involve differing costs of formulation and application by private parties (deciding upon their own conduct) and adjudicators, and the character of laws also influences how well parties actually will understand the law and conform their conduct accordingly. The discussion encompasses related questions involving the role of precedent, the evolution of the law over time, legal uncertainty and accuracy in adjudication. This chapter also addresses the separate problem of how changes in legal rules should apply to prior behavior or preexisting investments - issues of retroactivity and transition.
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Опубликовано на портале: 05-02-2003
Steven G. Medema, Nicholas Mercuro, Warren J. Samuels Encyclopedia of Law and Economics. 1999. 
From its beginnings in the late nineteenth century, institutional economics has been concerned with the analysis of the interrelations between legal and economic processes. The institutional approach to law and economics examines both the influence of economy upon law and legal reasoning and the influence of law and legal change upon economic activity and performance. This essay examines the central tenants of institutional law and economics, dating from the early work of individuals such as Robert Lee Hale and John R. Commons and through its modern manifestations. As such, it emphasizes the evolutionary nature of law and economy, the tension between continuity and change, the problem of order, the reciprocal nature of legal-economic problems and the attendant dual nature of rights, the problematic nature of efficiency, and the need for a comparative institutional approach to the practice of law and economics. By recognizing the multiplicity of potential solutions to legal-economic problems and the underlying value premises attending each, the comparative institutional approach to law and economics attempts to flesh out both what is actually going on within the legal-economic nexus and the alternative possibilities open to society within the legal-economic decision-making process.
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Опубликовано на портале: 05-02-2003
A. Mitchell Polinsky, Steven Shavell Encyclopedia of Law and Economics. 1999. 
This chapter discusses the theory of the public enforcement of law - the use of public agents (inspectors, tax auditors, police, prosecutors) to detect and to sanction violators of legal rules. Authors first present the basic elements of the theory, focusing on the probability of imposition of sanctions, the magnitude and form of sanctions, and the rule of liability. Then they examine a variety of extensions of the central theory, including accidental harms, costs of imposing fines, mistake, marginal deterrence, settlement, self-reporting, repeat offenses and incapacitation.
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Опубликовано на портале: 05-02-2003
Francesco Parisi Encyclopedia of Law and Economics. 1999. 
Modern legal systems generally recognize customary rules that have emerged either within the confines of positive legislation or in areas that are not disciplined by positive law. Where custom is in direct conflict with legislation the latter normally prevails. In some instances, however, a custom supersedes prior legislation (that is, abrogative custom), and some arguments have been made in support of emerging practices that conflict with obsolete provisions of public international law. The theoretical and practical significance of some forms of spontaneous social order, which compete with enacted law in influencing human choice, are discussed below.
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