LAW and Economics 4 questions
Law And Economics
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Cooter, Robert and Thomas Ulen. 2011. Law and Economics. Sixth Edition. Boston: Pearson Addison Wesley (Chapter 1-4)
Polinksky, A. Mitchell. 2011. An Introduction to Law and Economics. Fourth Edition. New York: Aspen Publishers. (Chapters 1-2)
Posner, Richard A. 2007. Economic Analysis of Law. Seventh Edition. Boston: Little, Brown and Company.
2.) Discuss the adverse impacts of monopoly upon market outcomes. Discuss the impact of governmentâ€™s monopoly power over coercion.
6.) Suppose the local government determines that the price of food is too high and imposes a ceiling on the market price of food that is below the equilibrium price in that locality. Predict some of the consequences of the ceiling.
10.) Consider the right to smoke or to be free from smoke in the following situations:
1. smoking in a public area.
2. smoking in hotel rooms.
3. smoking in a private residence.
4. smoking on commercial airline flights.
In which situations do you think the transaction costs are so high that they
preclude private bargaining. In what cases are they low enough to allow private
bargains to occur? Explain your answer
14.)From an economic point of view, why is stare decisis an important rule of
decision making for the courts?