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Diversity of Contract Law and the European Internal Market

Author

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  • Smits, Jan

Abstract

This contribution discusses the question whether diversity of contract law among the European member states is a barrier to cross-border trade. This question is important in view of the ongoing debate about the need for a unified European private law. It has tried to answer the question by building upon insights from psychology, economics and law. It turns out that no definitive answer can be given to the question whether the savings in transaction costs through the removal of legal diversity are greater than the losses caused by the termination of competition of legal systems.

Suggested Citation

  • Smits, Jan, 2005. "Diversity of Contract Law and the European Internal Market," MPRA Paper 8192, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:8192
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    File URL: https://mpra.ub.uni-muenchen.de/8192/1/MPRA_paper_8192.pdf
    File Function: original version
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    References listed on IDEAS

    as
    1. Brown, W. Mark, 2003. "Overcoming Distance, Overcoming Borders: Comparing North American Regional Trade," Economic Analysis (EA) Research Paper Series 2003008e, Statistics Canada, Analytical Studies Branch.
    2. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416-416.
    3. John J. Donohue III & Steven D. Levitt, 2001. "The Impact of Legalized Abortion on Crime," The Quarterly Journal of Economics, Oxford University Press, vol. 116(2), pages 379-420.
    4. Ribstein, Larry E & Kobayashi, Bruce H, 1996. "An Economic Analysis of Uniform State Laws," The Journal of Legal Studies, University of Chicago Press, vol. 25(1), pages 131-199, January.
    5. Nitsch, Volker, 2002. "Border Effects and Border Regions: Lessons from the German Unification," Discussion Paper Series 26291, Hamburg Institute of International Economics.
    6. Mahoney, Paul G, 2001. "The Common Law and Economic Growth: Hayek Might Be Right," The Journal of Legal Studies, University of Chicago Press, vol. 30(2), pages 503-525, Part I Ju.
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    Citations

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    Cited by:

    1. Jan Smits, 2012. "Introduction to special issue: Harmonisation of contract law: an economic and behavioural perspective," European Journal of Law and Economics, Springer, vol. 33(3), pages 473-480, June.

    More about this item

    Keywords

    Unification; Contract Law;

    JEL classification:

    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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