K00 - Law and Economics: GeneralNávrat zpět

The text considers one of the prevailing dilemmas for the time being practical valuers of assets are exposed to - the operability of market value in terms of International Valuation Standards. The issue is considered theoretically, practical impacts are outlined as well. Considering the microeconomic basis of market structure and price determination, the prerequisites for an "objective" market value are summed. The International Valuation Standards are explained as an evolutionary evolved institution, which suffers under deep impact of neoclassical methodology. At the end there are drawn some conclusions for the regulation of valuation in the Czech Republic.

Conventional theory explains moral hazard as a consequence of information asymmetries. The present paper proposes an alternative approach. We argue that information asymmetries are just one among several causes of moral hazard and that they entail negative consequences for third parties only accidentally. By contrast, moral hazard also results from government interventionism. And in this case negative consequences are systematic and do result even in the absence of information asymmetries.

The paper deals with an issue of interrelation between law, economics and economy. For a long time, legal science has been interconnected with economics; nonetheless, it was economics which diverted from their mutual cohabitation. At the present time, it is the case of economists who applying their methodology, within law and economics movement in particular, started to bridge that lacuna and enrich legal science and lawmaking processes. This is of a crucial importance, since law shall be regarded as one of the factors which have a capacity to influence the economic output. Therefore, modern regulatory state must ensure a deeper and wider commitment to cost-benefit analysis and assess costs whilst excluding low benefits in legislative processes.

Economic analysis of law concerns predicting impacts of legislative rules on incentives and behaviour of individuals and judging social efficiency of alternative legislative rules. It applies price theory, welfare theory and public choice theory on creating and applying law. One of its main shortcomings however is the lack of criteria of social efficiency. Modern history of economic analysis of law begins within the framework of property rights and transaction costs theories. The Chicago school has been the most prominent group of economists. Austrian school and New institutional school compete with Chicago school in applying different methods of economic analysis on law. Chicago approach is based on assumptions of rational economic behaviour and stable preferences. In the centre of Chicago paradigm lies Richard Posner's efficiency thesis predicting that law rules develop in efficient ways. Austrian school criticizes Chicago school positivism from the perspectives of methodological subjectivism.

Author deals with essentials regarding economic analysis of law. The methodology of Law and Economics approach is in general summarized and the distinction between rational and behavioral concepts are mentioned. Additionally, the economics of contracts including subsumed contractual formation, obligation performance and potential dispute incidence, and agency by means of its economic advantages in sense of model applicable for a variety of particular legal relations are concerned.