General theory of legal design in law and economics framework of commercial contracting

Research output: Contribution to journalArticleScientificpeer-review

Abstract

We need law and economics to do the scientific measurement necessary for legal design to be seen as on the stage of science. Law and economics—which is the application of economic theory, especially microeconomic theory, to the analysis and the practice of law--is a valid tool and approach to reflect on what should be empirically investigated in the practice of legal design. The neoclassical (mainstream) theoretical foundation of economic analysis of law is, however, at times far from reality as it often predicts uncooperative and even selfish behaviour. In real life people do cooperate, have empathy, emotions and even behave in an altruistic way. For those reasons, behavioural law and economics and conventional wisdom are needed to complement the teachings from standard theory in the field of commercial contracting.
Original languageEnglish
Peer-reviewed scientific journalJournal of Strategic Contracting and Negotiation
ISSN2055-5636
DOIs
Publication statusPublished - 06.01.2022
MoE publication typeA1 Journal article - refereed

Keywords

  • 513 Law

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