Obwohl das Verhaltensmodell des homo oeconomicus sowohl der Rechtswissenschaft wie der Rechtspolitik bei Fragen der Rechtsfolgenabschätzung von großem Nutzen sein kann, wird dessen Akzeptanz erschwert, weil bei ihm strikte Rationalität unterstellt wird. Im Beitrag wird unter Rückgriff auf...

According to a new European Union directive, artists, whose works are resold, are entitled to a share of the sales price. The principal aim of this initiative is to let the artists participate in the economic success of their work. Our analysis shows that the new directive is most likely to...

The Basle Accord of 1988 regulates how much equity banks must set aside as a cushion against the default risk. In its 1999 proposal for a new Accord, the Basle Committee seeks to introduce different equity ratios for customers of different risk levels. The proposal strongly favors external...

According to a new European Union directive, artists, whose works are resold, are entitled to a share of the sales price. The principal aim of this initiative is to let the artists participate in the economic success of their work. Our analysis shows that the new directive is most likely to...

This paper explores the conditions under which compliance with a social contract establishes an equilibrium in a society. It is assumed that society consists of two groups, one of which has a comparative advantage in using violence, whereas the other one has a comparative advantage in producing...

Banks often have to determine the credit worthiness, i.e. the ability to repay the loan, of their customers ex-ante. According to the theory of imperfect diagnosis, it can be rational not to use an informative diagnosis result, even though it can be acquired without costs. We call this...

Although the homo oeconomicus model has considerable predictive power with regard to the operation of the law the assumption of strict (unbounded) rationality creates opposition on the side of the legal profession. Drawing on Ronald Heiner's theory of imperfect decisionmaking the model of a...

In this article a simple game is used to develop a concept of trust that takes account of boundedly rational behavior. Even if a first mover in a sequential game is protected against opportunism by legal means or means of private ordering there remains a risk that the second mover does not...

The paper argues in favor of the economic analysis as a method of international comparison of legal systems. It demonstrates that the legal rules governing the termination of employment contracts in the US are not "weaker" than in Germany. Arguing in terms of expected damages, the probability of...