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Questions regarding the well-definedness of a function often arise when the defining equation of a function refers not only to the arguments themselves, but also to elements of the arguments, serving as representatives. This is sometimes unavoidable when the arguments are cosets and when the equation refers to coset representatives. The result ...
The Journal is the first student-run journal of law and economics in legal academia. [3] The journal is cited widely throughout state and federal courts, including notably in an opinion by D.C. Circuit U.S. federal judge Neomi Rao in District of Columbia v. Exxon Mobil Corp. [4] It also holds symposia regularly on relevant legal challenges. [5]
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director , George Stigler , and Ronald Coase .
Convexity is a geometric property with a variety of applications in economics. [1] Informally, an economic phenomenon is convex when "intermediates (or combinations) are better than extremes". For example, an economic agent with convex preferences prefers combinations of goods over having a lot of any one sort of good; this represents a kind of ...
The journal is sponsored by the University of Chicago Law School. The journal was founded by Aaron Director at the University of Chicago in 1958, and Ronald Coase joined him later as the co-editor. [1] [2] The journal played an important role in the formation of the field Law and Economics. [1]
Shephard's lemma is a major result in microeconomics having applications in the theory of the firm and in consumer choice. [1] The lemma states that if indifference curves of the expenditure or cost function are convex, then the cost minimizing point of a given good with price is unique.
In constitutional and administrative law, reasonableness is a lens through which courts examine the constitutionality or lawfulness of legislation and regulation. [12] [13] [14] According to Paul Craig, it is "concerned with review of the weight and balance accorded by the primary decision-maker to factors that have been or can be deemed relevant in pursuit of a prima facie allowable purpose".
Walras's law is a principle in general equilibrium theory asserting that budget constraints imply that the values of excess demand (or, conversely, excess market supplies) must sum to zero regardless of whether the prices are general equilibrium prices. That is: