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Introduction 25 (b) The new market demand curve is the horizontal sum of the private demand curve and the new government demand curve. On a diagram, plot the old demand curve, the new demand curve, and the supply curve. Find the new market-clearing price and quantity. (c) As a result of the government purchase programme, what happens to the producer surplus? What happens to the consumer surplus of those who purchase cars for private use? Who benefits from the government programme to purchase cars, and who loses?

Becker (1974) and Becker and Murphy (2000, chapter 2) show how strong complementarities between individual and group behaviour can lead to ‘social multipliers’ which, in a legal setting, can reinforce (or work against) the individual effects of formal legal rules. We can interpret these situations as occurring when social norms have strong influences on individual behaviour, which may override or reinforce the effects of formal legal rules. To see how these social norms can operate in a legal setting, suppose that there is a continuum of individuals, and that individual i is considering the level of ‘illegal activity’ in which he will engage.

5 would present great difficulties. 5 A reduction in the transaction costs faced by buyers increases the money price paid 16 Law and Markets rise. Failing to account for transaction costs would therefore give a very misleading picture of changes in both economic behaviour and economic welfare. What about the effect of changes in the transaction costs faced by sellers? Recall that PDM = PD − t D . 8) Thus, holding tD constant, an increase in tS increases the money price paid by buyers. Combining all of these results, we can state the following.

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