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Along with an earlier article, “The Nature of the Firm”, "The Problem of Social Cost" was cited by the Nobel committee when Coase was awarded the Nobel Memorial Prize in Economic Sciences in 1991. The article is foundational to the field of law and economics, and has become the most frequently cited work in all of legal scholarship. [1]
In law and economics, the Coase theorem (/ ˈ k oʊ s /) describes the economic efficiency of an economic allocation or outcome in the presence of externalities.The theorem is significant because, if true, the conclusion is that it is possible for private individuals to make choices that can solve the problem of market externalities.
A premise or premiss [a] is a proposition—a true or false declarative statement—used in an argument to prove the truth of another proposition called the conclusion. [1] Arguments consist of a set of premises and a conclusion. An argument is meaningful for its conclusion only when all of its premises are true. If one or more premises are ...
The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought.As early as the 18th century, Adam Smith discussed the economic effects of mercantilist legislation; later, David Ricardo opposed the British Corn Laws on the grounds that they hindered agricultural productivity; and Frédéric Bastiat ...
Examples: The column-14 operator (OR), shows Addition rule: when p=T (the hypothesis selects the first two lines of the table), we see (at column-14) that p∨q=T. We can see also that, with the same premise, another conclusions are valid: columns 12, 14 and 15 are T.
An example of the Matthew Effect's role on social influence is an experiment by Salganik, Dodds, and Watts in which they created an experimental virtual market named MUSICLAB. In MUSICLAB, people could listen to music and choose to download the songs they enjoyed the most.
Legal syllogism is a legal concept concerning the law and its application, specifically a form of argument based on deductive reasoning and seeking to establish whether a specified act is lawful. [1] A syllogism is a form of logical reasoning that hinges on a question, a major premise, a minor premise and a conclusion.
There are two fundamental theorems of welfare economics.The first states that in economic equilibrium, a set of complete markets, with complete information, and in perfect competition, will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off).