Donald A. Wittman is Professor of Economics at the University of California, Santa Cruz. His articles have been published in top legal, economic, and political science journals, and he has published two books, The Myth of Democratic Failure (1995) and The Federalist Papers: The New Institutionalism and the Old (co-edited with B. Grofman, 1989).

"Professor Wittman collects some of the best and most provocative works on law and economics in this one book. An excellent entry point for those who are new to the field, this book is also a terrific resource for those who already know the value of the economic analysis of law. The ideas examined in these pages have power almost everywhere one looks."—Saul Levmore, University of Chicago Law School"Wittman has condensed many of the classic writings in law and economics to their essence. I wager that many more than students will find this useful."—Aaron Edlin, UC Berkeley School of Law"Professor Wittman selects truly seminal pieces and puts them into perspective. The commentaries linking the articles should be illuminating for both students and advanced scholars, and are a true contribution to the literature by themselves. The articles have been shortened intelligently, making them much more accessible and highlighting the core arguments. This collection comes very close to being the perfect introduction to law and economics literature."—Gerrit De Geest, Utrecht University, Belgium

• Preface.. Acknowledgments.Part I: Coase Theorem.1. "The Problem of Social Cost" (Ronald H. Coase).2. "The Cost of Coase" (Robert Cooter).Part II: Property Rights, Liability Rules and Regulation.3. "Property Rules, Liability Rules and Inalienability: One View from the Cathedral" (Guido Calabresi and A. Douglas Melamed).4. "Economic Theory of Liability Rules" (John Brown).5. "Unity in Tort, Contract and Property: The Model of Precaution" (Robert Cooter).6. "Coming to the Nuisance" (Donald Wittman).7. "Liability for Harm versus Regulation of Safety" (Steven Shavell).Part III: Intellectual Property.8. "Mistake, Disclosure, Information and the Law of Contracts" (Anthony T. Kronman).9. "An Economic Analysis of Copyright Law" (William M. Landes and Richard Posner).10. "Authors' and Artists Moral Rights: A Comparative Legal and Economic Analysis" (Henry Hansmann and Marina Santilli).Part IV: Contracts and Warranties.11. "A Theory of the Consumer Product Warranty" (George L. Priest).12. "Fixed Price versus Spot Price Contracts: A Study in Risk Allocation" (A. Mitchell Polinsky).13. "The Theory of the Firm and the Structure of the Franchise Contract (Paul H. Rubin).14. "Transaction Cost Determinants of Unfair Contractural Arrangements" (Benjamin Klein).15. "The Law and Economics Approach to Contract Theory" (Alan Scwartz).Part V: Corporations and Corporate Finance.16. "Limited Liability in the Theory of the Firm" (Susan E. Woodward).17. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure” (Michael C. Jensen and William H. Meckling).18. "State Law, Shareholder Protection and the Theory of the Corporation" (Ralph K. Winter).19. "The Proper Role of a Target's Management in Responding to a Tender Offer" (Frank H. Easterbrook and Daniel R. Fischel).20. "The Regulation of Insider Trading" (Dennis W. Carlton and Daniel R. Fischel).21. "Corporate Reorganizations and the Treatment of Diverse Ownership Interests: A Comment on Adequate Protection of Secured Creditors in Bankruptcy" (Douglas G. Baird and Thomas H. Jackson).Part VI: Family Law.22. "The Economics of the Baby Shortage" (Elisabeth M. Landes and Richard A. Posner).23. "A Market for Babies" (J. Robert S. Prichard).24. "Marriage, Divorce and Quasi-rents: Or I gave him the best year of my life" (Lloyd Cohen).Part VII: Crime and Criminal Law.25. "Crime and Punishment: An Economic Approach" (Gary S. Becker).26. "Blackmail, Privacy and Freedom of Contract" (Richard A. Posner).Part VIII: Norms.27. "Property Rights in Aboriginal Societies" (Martin J. Bailey).28. "Property in Land" (Robert C. Ellickson).29. "Efficient Rules of Thumb in Highway Safety and Sports Activity" (Donald Wittman).30. "Rings and Promises" (Margaret F. Brinig).Index.

Donald A. Wittman is Professor of Economics at the University of California, Santa Cruz. His articles have been published in top legal, economic, and political science journals, and he has published two books, The Myth of Democratic Failure (1995) and The Federalist Papers: The New Institutionalism and the Old (co-edited with B. Grofman, 1989).

"Professor Wittman collects some of the best and most provocative works on law and economics in this one book. An excellent entry point for those who are new to the field, this book is also a terrific resource for those who already know the value of the economic analysis of law. The ideas examined in these pages have power almost everywhere one looks."—Saul Levmore, University of Chicago Law School"Wittman has condensed many of the classic writings in law and economics to their essence. I wager that many more than students will find this useful."—Aaron Edlin, UC Berkeley School of Law"Professor Wittman selects truly seminal pieces and puts them into perspective. The commentaries linking the articles should be illuminating for both students and advanced scholars, and are a true contribution to the literature by themselves. The articles have been shortened intelligently, making them much more accessible and highlighting the core arguments. This collection comes very close to being the perfect introduction to law and economics literature."—Gerrit De Geest, Utrecht University, Belgium

• Preface.. Acknowledgments.Part I: Coase Theorem.1. "The Problem of Social Cost" (Ronald H. Coase).2. "The Cost of Coase" (Robert Cooter).Part II: Property Rights, Liability Rules and Regulation.3. "Property Rules, Liability Rules and Inalienability: One View from the Cathedral" (Guido Calabresi and A. Douglas Melamed).4. "Economic Theory of Liability Rules" (John Brown).5. "Unity in Tort, Contract and Property: The Model of Precaution" (Robert Cooter).6. "Coming to the Nuisance" (Donald Wittman).7. "Liability for Harm versus Regulation of Safety" (Steven Shavell).Part III: Intellectual Property.8. "Mistake, Disclosure, Information and the Law of Contracts" (Anthony T. Kronman).9. "An Economic Analysis of Copyright Law" (William M. Landes and Richard Posner).10. "Authors' and Artists Moral Rights: A Comparative Legal and Economic Analysis" (Henry Hansmann and Marina Santilli).Part IV: Contracts and Warranties.11. "A Theory of the Consumer Product Warranty" (George L. Priest).12. "Fixed Price versus Spot Price Contracts: A Study in Risk Allocation" (A. Mitchell Polinsky).13. "The Theory of the Firm and the Structure of the Franchise Contract (Paul H. Rubin).14. "Transaction Cost Determinants of Unfair Contractural Arrangements" (Benjamin Klein).15. "The Law and Economics Approach to Contract Theory" (Alan Scwartz).Part V: Corporations and Corporate Finance.16. "Limited Liability in the Theory of the Firm" (Susan E. Woodward).17. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure” (Michael C. Jensen and William H. Meckling).18. "State Law, Shareholder Protection and the Theory of the Corporation" (Ralph K. Winter).19. "The Proper Role of a Target's Management in Responding to a Tender Offer" (Frank H. Easterbrook and Daniel R. Fischel).20. "The Regulation of Insider Trading" (Dennis W. Carlton and Daniel R. Fischel).21. "Corporate Reorganizations and the Treatment of Diverse Ownership Interests: A Comment on Adequate Protection of Secured Creditors in Bankruptcy" (Douglas G. Baird and Thomas H. Jackson).Part VI: Family Law.22. "The Economics of the Baby Shortage" (Elisabeth M. Landes and Richard A. Posner).23. "A Market for Babies" (J. Robert S. Prichard).24. "Marriage, Divorce and Quasi-rents: Or I gave him the best year of my life" (Lloyd Cohen).Part VII: Crime and Criminal Law.25. "Crime and Punishment: An Economic Approach" (Gary S. Becker).26. "Blackmail, Privacy and Freedom of Contract" (Richard A. Posner).Part VIII: Norms.27. "Property Rights in Aboriginal Societies" (Martin J. Bailey).28. "Property in Land" (Robert C. Ellickson).29. "Efficient Rules of Thumb in Highway Safety and Sports Activity" (Donald Wittman).30. "Rings and Promises" (Margaret F. Brinig).Index.

Donald A. Wittman is Professor of Economics at the University of California, Santa Cruz. His articles have been published in top legal, economic, and political science journals, and he has published two books, The Myth of Democratic Failure (1995) and The Federalist Papers: The New Institutionalism and the Old (co-edited with B. Grofman, 1989).

"Professor Wittman collects some of the best and most provocative works on law and economics in this one book. An excellent entry point for those who are new to the field, this book is also a terrific resource for those who already know the value of the economic analysis of law. The ideas examined in these pages have power almost everywhere one looks."—Saul Levmore, University of Chicago Law School"Wittman has condensed many of the classic writings in law and economics to their essence. I wager that many more than students will find this useful."—Aaron Edlin, UC Berkeley School of Law"Professor Wittman selects truly seminal pieces and puts them into perspective. The commentaries linking the articles should be illuminating for both students and advanced scholars, and are a true contribution to the literature by themselves. The articles have been shortened intelligently, making them much more accessible and highlighting the core arguments. This collection comes very close to being the perfect introduction to law and economics literature."—Gerrit De Geest, Utrecht University, Belgium

• Preface.. Acknowledgments.Part I: Coase Theorem.1. "The Problem of Social Cost" (Ronald H. Coase).2. "The Cost of Coase" (Robert Cooter).Part II: Property Rights, Liability Rules and Regulation.3. "Property Rules, Liability Rules and Inalienability: One View from the Cathedral" (Guido Calabresi and A. Douglas Melamed).4. "Economic Theory of Liability Rules" (John Brown).5. "Unity in Tort, Contract and Property: The Model of Precaution" (Robert Cooter).6. "Coming to the Nuisance" (Donald Wittman).7. "Liability for Harm versus Regulation of Safety" (Steven Shavell).Part III: Intellectual Property.8. "Mistake, Disclosure, Information and the Law of Contracts" (Anthony T. Kronman).9. "An Economic Analysis of Copyright Law" (William M. Landes and Richard Posner).10. "Authors' and Artists Moral Rights: A Comparative Legal and Economic Analysis" (Henry Hansmann and Marina Santilli).Part IV: Contracts and Warranties.11. "A Theory of the Consumer Product Warranty" (George L. Priest).12. "Fixed Price versus Spot Price Contracts: A Study in Risk Allocation" (A. Mitchell Polinsky).13. "The Theory of the Firm and the Structure of the Franchise Contract (Paul H. Rubin).14. "Transaction Cost Determinants of Unfair Contractural Arrangements" (Benjamin Klein).15. "The Law and Economics Approach to Contract Theory" (Alan Scwartz).Part V: Corporations and Corporate Finance.16. "Limited Liability in the Theory of the Firm" (Susan E. Woodward).17. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure” (Michael C. Jensen and William H. Meckling).18. "State Law, Shareholder Protection and the Theory of the Corporation" (Ralph K. Winter).19. "The Proper Role of a Target's Management in Responding to a Tender Offer" (Frank H. Easterbrook and Daniel R. Fischel).20. "The Regulation of Insider Trading" (Dennis W. Carlton and Daniel R. Fischel).21. "Corporate Reorganizations and the Treatment of Diverse Ownership Interests: A Comment on Adequate Protection of Secured Creditors in Bankruptcy" (Douglas G. Baird and Thomas H. Jackson).Part VI: Family Law.22. "The Economics of the Baby Shortage" (Elisabeth M. Landes and Richard A. Posner).23. "A Market for Babies" (J. Robert S. Prichard).24. "Marriage, Divorce and Quasi-rents: Or I gave him the best year of my life" (Lloyd Cohen).Part VII: Crime and Criminal Law.25. "Crime and Punishment: An Economic Approach" (Gary S. Becker).26. "Blackmail, Privacy and Freedom of Contract" (Richard A. Posner).Part VIII: Norms.27. "Property Rights in Aboriginal Societies" (Martin J. Bailey).28. "Property in Land" (Robert C. Ellickson).29. "Efficient Rules of Thumb in Highway Safety and Sports Activity" (Donald Wittman).30. "Rings and Promises" (Margaret F. Brinig).Index.