ABSTRACT
In the first edition of his influential book, Posner developed what is known as the efficiency of the common law hypothesis. Since then, legal economists proposed different explanations to why the common law generates efficient rules. From that perspective, the prevalence of mixed law jurisdictions is puzzling. We illustrate the paradox by using simple non-cooperative game theory.
Garoupa, Nuno, The Many Lives of the Efficiency of the Common Law Hypothesis: The Case of the Mixed Law Jurisdictions (August 23, 2023), History of Economic Ideas, Forthcoming; George Mason Law and Economics Research Paper No 23-14.
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