Mechanism of Instrumental Game Theory in The Legal Process via Stochastic Options Pricing Induction

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Tác giả: Kwadwo Osei Bonsu, Shoucan Chen

Ngôn ngữ: eng

Ký hiệu phân loại: 519.3 Game theory

Thông tin xuất bản: 2020

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 164698

Comment: This is a pre-print versionEconomic theory has provided an estimable intuition in understanding the perplexing ideologies in law, in the areas of economic law, tort law, contract law, procedural law and many others. Most legal systems require the parties involved in a legal dispute to exchange information through a process called discovery. The purpose is to reduce the relative optimisms developed by asymmetric information between the parties. Like a head or tail phenomenon in stochastic processes, uncertainty in the adjudication affects the decisions of the parties in a legal negotiation. This paper therefore applies the principles of aleatory analysis to determine how negotiations fail in the legal process, introduce the axiological concept of optimal transaction cost and formulates a numerical methodology based on backwards induction and stochastic options pricing economics in estimating the reasonable and fair bargain in order to induce settlements thereby increasing efficiency and reducing social costs.
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