Law and Economics
Providing 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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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 drug 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