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Law And Economic Dynamics

Author

Listed:
  • Lisa Morhaim

    (CRED - Centre de Recherche en Economie et Droit - Université Paris-Panthéon-Assas, Université Paris-Panthéon-Assas)

  • Yildiz Ulus

    (GSU - Galatasaray University)

Abstract

In this paper, we provide the foundations for intertemporal models in Law and Economics. We first propose a general dynamic framework (G) that is ready to apply by Law and Economics scholars and opens the path to many further contributions. We expose the mathematical tools to solve it and provide the related results. They include two main mathematical approaches: variational tools allowing sensitivity analysis and dynamic programming tools which are standard in Game Theory, thus natural for classical law and economic models. This paper also illustrates how to transition from static to dynamic analysis. It is done through two emblematic applications: one concerns Liability and the other one Crime and Punishment. This can inspire future research to enrich static models with dynamic analysis.

Suggested Citation

  • Lisa Morhaim & Yildiz Ulus, 2025. "Law And Economic Dynamics," Working Papers hal-05199118, HAL.
    • Handle: RePEc:hal:wpaper:hal-05199118
    Note: View the original document on HAL open archive server: https://hal.science/hal-05199118v1
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    File URL: https://hal.science/hal-05199118v1/document
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    Keywords

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    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • K1 - Law and Economics - - Basic Areas of Law
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • K1 - Law and Economics - - Basic Areas of Law
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior

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