000			01327cam a2200217 4500500
005			20250121114319.0
041			_afre
042			_adc
100	1	0	_aDeffains, Bruno _eauthor
700	1	0	_a Obidzinski, Marie _eauthor
245	0	0	_aReal Options Theory for Lawmakers
260			_c2009.
500			_a47
520			_aThe formulation of legal rules is a challenging issue for lawmakers. Trade-offs are inevitable between providing more guidance through specific rules and enlarging the scope of general rules. Using real options theory, we show that the degree of precision should be considered as a degree of flexibility which increases the value of the text. Thus, we derive a normative principle for a draftsman to choose between rules versus standards, and to decide when the law should be enacted. In highly innovating environments, delaying enactment allows lawmakers to obtain more information. Therefore, the lower the degree of precision of the law, the shorter the delay.
690			_adegree of precision
690			_aexibility
690			_aobsolescence
690			_arulemaking
786	0		_nRecherches économiques de Louvain | 75 | 1 | 2009-04-06 | p. 93-117 | 0770-4518
856	4	1	_uhttps://shs.cairn.info/journal-recherches-economiques-de-louvain-2009-1-page-93?lang=en&redirect-ssocas=7080
999			_c546752 _d546752