This book is the first to apply the tools of game theory and information economics to advance our understanding of how laws work. Organized around the major solution concepts of game theory, the book shows how such well-known games as the prisoner's dilemma, the battle of the sexes, beer-quiche, and the Rubinstein bargaining game can illuminate many different kinds of legal problems. The organization of Game Theory and the Law serves to highlight the basic mechanisms at work and to lay out a natural progression in the sophistication of the games and legal problems considered.
Game Theory and the Law will serve as an accessible primer on game theory for non-specialists. Many of the models and ideas it sets forth, however, are new. The authors offer new ways of thinking about problems in anti-discrimination, environmental, labor, and many other areas of law.
The book makes few formal demands. The basic concepts of modern game theory are introduced without requiring the reader to know calculus, probability theory, or any other formal mathematical tools beyond simple algebra, which is used sparingly. The book also contains a comprehensive glossary of legal and economic terms, ranging from the absolute priority rule, to the Nash equilibrium, to von Neumann-Morganstern expected utility theory. It offers those interested in law a new way of thinking about legal rules, and it shows those interested in game theory a fertile and largely unexplored domain in which its tools have many applications.
Douglas G. Baird is the Harry A. Bigelow Distinguished Service Professor of Law, Robert H. Gertner is Professor of Business, and Randal C. Picker is the Paul and Theo Leffmann Professor of Commercial Law, all at The University of Chicago.
I enjoyed Game Theory and the Law immensely. It is pitched at exactly the right level of abstraction, and the examples are terrific. The book as a whole is really outstanding. Jon Elster, Columbia University
This book is a marvelous example of intellectual arbitrage: Baird, Gertner, and Picker make important contemporary research in game theory and information economics accessible to lawyers, law students, and legal academics; and the authors then creatively use this research to further our understanding of the way legal rules may affect how people behave. The wonder is that this book is a sophisticated, subtle, and intellectually rigorous guide while requiring none of the formal mathematical apparatus typically used in explorations of modern game theory. Robert H. Mnookin, Harvard Law School
Game Theory and the Law promises to be the definitive guide to the field. It provides a highly sophisticated yet exceptionally clear explanation of game theory, with a host of applications to legal issues.The authors have not only synthesized the existing scholarship, but also created the foundation for the next generation of research in law and economics. Daniel A. Farber, University of Minnesota Law School
There are seven items of interest:
The Index is in Adobe Acrobat PDF format. If you do not have the free reader for your computer, you should get it from Adobe.
If you have comments or questions, please send email to Randy Picker at email@example.com.
Copyright © 1995-2000, Randal C. Picker