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Pricing Legal Options: A Behavioral Perspective
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Oren Bar-Gill
Published/Copyright:
September 12, 2005
Many legal rules can be interpreted as creating options. Option pricing is thus important for understanding the ex ante effects of these rules. And, recognizing that individuals, whose behavior the law aims to influence, are imperfectly rational, a behavioral option pricing model is a potentially helpful tool for legal policy. This paper develops such a model and applies it to a series of legal problems in tort law, contract law, corporate law and criminal law.
Published Online: 2005-9-12
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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