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2 Erasmus L. & Econ. Rev. 1 (2006)

handle is hein.journals/erascomr2 and id is 1 raw text is: Erasmus Law and Economics Review 2, no. 1 (March 2006): 1-33. ECONOMIC ANALYSIS OF LAW: AN INQUIRY OF ITS UNDERLYING LOGIC* Bingyuan Hsiung Professor, Department of Economics, National Taiwan University, Taipei, Taiwan. E-mail: hsiung@ntu.edu.tw Abstract Law and economics is a success story of interdisciplinary scholarship, and the success has been attributed to the strength of economics in providing a sound behavioral theory. It is argued in this paper, however, that this is only a partial explanation, for many issues in law are not directly related to human behavior per se. As such, in analyzing these issues, the legal economists rely mainly on the analytical logic of economic analysis. This often neglected aspect of economic analysis can be concisely illustrated by an A-A ' setup. The implications of the A-A ' setup are derived. Keywords: Wealth maximization, Law and economics, Cost-benefit analysis, Methodology. JEL classification: B41, K10. I am grateful for helpful comments by Brain Tamanaha, Yew-kwang Ng, Jer-chien Wang, Steven Kan, Yong He, and Win-yu Wang. Comments by seminar participants at Hong Kong University of Science and Technology, Chinese University of Hong Kong, Oxford University and National Taiwan University are gratefully acknowledged. © 2006 Bingyuan Hsiung. Subject to ELER Public License 1.0. URL: http://www.eler.org. ISSN: 1824-3886

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