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Law and Economics
Cooter Chapters 2-5
6
Economics
Undergraduate 4
09/21/2011
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Term
economics
 Definition
science of allocation of scarce resources
Term
maximization
 Definition
rationality implies maximizing your satisfaction
Term
technical efficiency
 Definition
impossible to produce more output with given input, good managers
Term
allocative pareto efficiency
 Definition
impossible to make one better without making another worse
Term
rationality conditions (3)
 Definition
complete can rank bundles, reflective, transitivity
Term
Kevin Nash
 Definition
Game Theory
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