Law and EconomicsProviding students with a method to apply economic analysis to the study of legal rules and institutions, this work uses recent advances in microeconomics to develop economic theories in four cores areas of the law - property, contracts, torts and crime. The book features a discussion of the use of game theory to understand the law. It also includes empirical literature on such topics as product liability, medical malpractice and crime and punishment. |
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Page 271
... accident occurs , it causes harm such as lost income , damage to property , medical costs , and the like . Let A denote the monetary value of the harm from an accident . A multiplied by p equals the expected harm in dol- lars ...
... accident occurs , it causes harm such as lost income , damage to property , medical costs , and the like . Let A denote the monetary value of the harm from an accident . A multiplied by p equals the expected harm in dol- lars ...
Page 283
... accident costs . Calculating the expected accident costs p ( x ) A can be difficult . For example , if you increase your driving speed from , say , 40 miles per hour to 50 , will the average loss resulting from an accident increase by ...
... accident costs . Calculating the expected accident costs p ( x ) A can be difficult . For example , if you increase your driving speed from , say , 40 miles per hour to 50 , will the average loss resulting from an accident increase by ...
Page 297
... accidents involving power tools . One might suppose that precaution in such cases is bilateral : there is something that both the consumer and the producer can do to reduce the probability and severity of an accident . As a result , the ...
... accidents involving power tools . One might suppose that precaution in such cases is bilateral : there is something that both the consumer and the producer can do to reduce the probability and severity of an accident . As a result , the ...
Contents
A Review of Microeconomic Theory | 9 |
An Introduction to Law and Legal Institutions | 55 |
Topics in the Economics of Property Law | 111 |
Copyright | |
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accident allocation alternative amount assume award behavior benefit breach buyer cause chapter Coase theorem common law comparative negligence Consequently consider consumers contract law cooperative surplus court crime criminal curve defendant demand deterrence disputes drugs economic analysis economists efficiency requires enforceable equals equilibrium error example exchange expected monetary value expected value explained external fact Figure game theory harm illustrate incentives income increase indifference curve injurer injurer's investment judge lawyers legal standard litigation loss marginal cost maximize monopoly negligence rule optimal output owner ownership Pareto efficiency parties patent payoff perfect compensation performance plaintiff precaution probability production profits promise promisor property law property rights punishment punitive purchase QUESTION rancher rational relationship reliance remedy risk second player seller settlement social costs strict liability Suppose threat value tion tort law tort liability transaction costs trial United utility victim zero