Economic 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.
No abstract
Hobbes's Behemoth, or (as it was commonly called) the Dialogue of the Civil Wars of England, though written probably a few years after the Restoration, there was no genuine edition during the author's lifetime, which lasted until 1679. But three years later his old publisher, William Crooke, issued a volume entitled, Tracts of Mr. Th. H. of Malmsbury, containing in the first place the treatise entitled Behemoth, which is followed by three other pieces, and introduced by the following remarks : " My duty, as well to the Public as to the memory of Mr. Hobbs, has obliged me to procure, with my utmost diligence, that these Tracts should come forth with the most correct exactness. BEHEMOTH. Dialogue I. St. Matthew, I know the words in the Gospel are not go teach, but go, make disciples ; and that there is a great difference between a subject and a disciple, and between teaching and commanding. And if such texts as these must be so interpreted, why do not Christian kings lay down their titles of majesty and sovereignty, and call themselves the Pope's lieutenants ? But the doctors of the Romish Church seem to decline that title of absolute power in their distinction of power spiritual and temporal; but this distinction I do not very well understand. A. By spiritual power they mean the power to determine points of faith, and to be judges, in the inner court of conscience, of moral duties, and a power to punish those men, that obey not their precepts, by ecclesiastical censure, that is, by excommunication. And this power, they say, the Pope hath immediately from Christ, without dependence on any king or sovereign assembly, whose subjects they be that stand excommunicate. But for the power temporal, which consists in judging and punishing those actions that are done against the civil laws, they say, they do not pretend to it directly, but only indirectly, that is to say, so far forth as such actions tend to the hindrance or advancement of religion and good manners, which they mean when they say in ordine ad spiritualia. ' some of his bishops,' instead of ' most bishops.' Dialogue I. BEHEMOTH. communication do him, especially if he be the subject of another sovereign ? A. Very great harm. For by the Pope's or bishop's signification of it to the civil power, he shall be punished sufficiently. B. He were in an ill case then, that adventured to write or speak in defence of the civil power, that must be punished by him whose rights he defended, like Uzza, that was slain because he would needs, unbidden, put forth his hand to keep the ark from falling. But if a whole nation should revolt from the Pope at once, what effect could excommunication have upon the nation ? A. Why, they should have no more mass said, at least by any of the Pope's priests. Besides, the Pope would have no more to do with them, but cast them off, and so they would be in the same case as if a nation should be cast off by their king, and left to be governed by themselves, or whom they would. B. This would not be taken so much for a punishment to the people, ...
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