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Economic Models of Law: Introduction Thomas J. Mice University of Connecticut Matthew J. Baker Hunter CollegeWorking Paper 201332 November 2013365 Fairfield Way, Unit 1063 Stores, CT 062691063 Phone:
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Understand the key components of economic models: actors, incentives, constraints, and outcomes.
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The purpose of economic models of law is to provide a structured approach to analyze legal rules and predict their impacts on society, thereby aiding lawmakers and legal practitioners in making informed decisions.
Information that must be reported includes the legal context, assumptions, mathematical formulations, empirical evidence, expected outcomes, and analyses of cost-benefit implications of the legal rules.
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