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The (Non) Economic Properties of the Law

Author

Listed:
  • 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)

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.

Suggested Citation

  • Leo Katz & Alvaro Sandroni, 2021. "The (Non) Economic Properties of the Law," Games, MDPI, vol. 12(1), pages 1-8, March.
    • Handle: RePEc:gam:jgames:v:12:y:2021:i:1:p:26-:d:517983
    as

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    References listed on IDEAS

    as
    1. Lleras, Juan Sebastián & Masatlioglu, Yusufcan & Nakajima, Daisuke & Ozbay, Erkut Y., 2017. "When more is less: Limited consideration," Journal of Economic Theory, Elsevier, vol. 170(C), pages 70-85.
    2. Leo Katz & Alvaro Sandroni, 2017. "The Inevitability and Ubiquity of Cycling in All Feasible Legal Regimes: A Formal Proof," The Journal of Legal Studies, University of Chicago Press, vol. 46(2), pages 237-280.
    3. Yusufcan Masatlioglu & Daisuke Nakajima & Erkut Y. Ozbay, 2012. "Revealed Attention," American Economic Review, American Economic Association, vol. 102(5), pages 2183-2205, August.
    4. Richter, Michael & Rubinstein, Ariel, 2020. "The permissible and the forbidden," Journal of Economic Theory, Elsevier, vol. 188(C).
    5. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    law; order; rationalizability;
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