Economic Methods for Lawyers

Economic Methods for Lawyers

Emanuel Towfigh and Niels Petersen

Responding to the growing importance of economic reasoning in legal scholarship, this innovative work provides an essential introduction to the economic tools, which can usefully be employed in legal reasoning. It is geared specifically towards those without a great deal of exposure to economic thinking and provides law students, legal scholars and practitioners with a practical toolbox to shape their writing, understanding and case preparation.

Chapter 4: Game theory and collective goods

Stefan Magen

Subjects: economics and finance, law and economics, law - academic, law and economics


Game theory is a general, analytical theory of rational choice in strategic interactions. While it was focused on the analysis of games in the literal sense in its very beginnings, game theory has since advanced to being an indispensable theoretical tool for economics and many other social sciences. This introduction intends to explain the basic terms and concepts of this complex and efficient theory. It will be confined to classic game theory, which analyzes strategic interactions of individual actors based on the assumptions of rationality and self-interest (homo economicus), and leave out behavioral and evolutionary game theory. To keep the barriers for jurists low, the mathematical formalism, which is constitutive for game theory, will be kept to a minimum and not formally introduced, but verbally explained.

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