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The Nature of Economic Reasoning
The Economic Approach to Law
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accident costs activity agency antitrust average benefits bilateral monopoly breach buyer capital cartel Chapter Coase Theorem common law compensation competitive consumers contract corporation costly courts crime criminal damages defendant demand deterrence discussed earnings economic analysis economist effect efficient elasticity employer enforcement example expected federal firm firm's fixed costs higher impose incentive income increase infra injurer interest investment labor land Law & Econ less litigation loss lower marginal cost monopolist monopoly price monopoly profits monopsony natural monopoly negligence opportunity cost optimal output owner parents parties percent plaintiff pollution Posner predatory pricing prevent price discrimination probability problem profits property rights punishment purchase railroad reason reduce regulation require result revenue risk risk averse rule sell seller shareholders social costs strict liability substitute Suppose supra theory tion tort transaction costs union utility victim wage wealth widgets workers