Richard O. Zerbe Jr. - Böcker

This work is part of a series focusing on research into law and economics. It discusses a variety of topics in the field.

"Research in Law and Economics" is a highly respected source of proactive, original perspectives on law and economics. For the researcher, this latest volume offers a diverse set of papers, each one a constructive contribution. The papers address: how the Supreme Court can clarify and rationalize the payment of pre-judgement interest; what is meant or should be meant by economic efficiency; the length of various statutes of limitations for accident cases; implications of the court congestion hypothesis of Posner and Priest; the efficiency of medical malpractice insurance; and the effects of hospital competition on Medicaid share.

Written by leading experts in the field, each chapter in this book examines in depth a topic in law and economics. John Connor begins by describing and evaluating the results of his extensive survey of reports of cartel overcharges. Dennis Weisman models the price effects of mergers that not only increase concentration in the relevant market but also increase the merged firms' participation in other, complementary markets. Malcolm Coate and Mark Williams develop a superior method for calculating critical loss in markets that are relatively homogenous and competitive premerger. Zhiqi Chen surveys recent developments in economic theories of buyer power and creates a general framework for antitrust analysis. Finally Thomas J. Miceli and Kathern Segerson, given the difficulty of collecting damages after a long latency period, examine the desirability of granting toxic exposure victims an independent cause of action for medical monitoring at the time of exposure. They show that such a cause of action increase incentives for injurer care but only at the cost of greater litigation cost and the reluctance of courts to adopt such a proposed cause of action reflect their awareness of this trade-off.

Since 1979 "Research in Law and Economics" has been presenting original research that explores the extent to which the constraints of law explain economic behavior and the role of economics in forming the law. Leading scholars, including Kenneth Arrow, Kenneth Elzinga, Victor Goldberg, Jack Hirschliefer, Paul Joskow, and Vernon Smith, have chosen "Research in Law and Economics" as the right forum for presenting their research. Now published bi-annually, each issue of "Research in Law and Economics" focuses on a timely and relevant topic. Such topics have included economics of environmental policy, urban property rights, antitrust and evolutionary models in economics and law. This volume focuses on cost-benefit analysis and the law, whereas the next special issue will concentrate on corporate finance

Benefit-cost analysis (BCA) is the best technique for analyzing proposed or previously enacted projects to determine whether undertaking them is in the public interest, or for choosing between two or more mutually exclusive projects. An introduction to BCA for students as well as practitioners, this accessible volume describes the underlying economic theory and legal and philosophical foundations of BCA. BCA provides an objective framework around which discussion, correction and amendment can take place. Stated simply, it is the calculation of values for all the inputs and outputs from a project and then the subtraction of the first from the second. The authors' goal here is to take the mystery out of the process. They discuss practical issues of market-based valuation and aggregation, non-market valuation, practical applications of general equilibrium models, issues in discounting, and the impacts of risk and uncertainty in BCA. They also provide a list of resources and case studies looking at ethanol and the use of cellular phones by drivers. Straightforward in style and cutting-edge in coverage, this volume will be highly usable both as a text and a reference. Advanced undergraduates and masters students in public policy, public administration, economics and health care administration programs will find this a valuable resource. It will also be of great use to agencies that perform benefit-cost analyses.

Benefit-cost analysis (BCA) is the best technique for analyzing proposed or previously enacted projects to determine whether undertaking them is in the public interest, or for choosing between two or more mutually exclusive projects. An introduction to BCA for students as well as practitioners, this accessible volume describes the underlying economic theory and legal and philosophical foundations of BCA. BCA provides an objective framework around which discussion, correction and amendment can take place. Stated simply, it is the calculation of values for all the inputs and outputs from a project and then the subtraction of the first from the second. The authors' goal here is to take the mystery out of the process. They discuss practical issues of market-based valuation and aggregation, non-market valuation, practical applications of general equilibrium models, issues in discounting, and the impacts of risk and uncertainty in BCA. They also provide a list of resources and case studies looking at ethanol and the use of cellular phones by drivers. Straightforward in style and cutting-edge in coverage, this volume will be highly usable both as a text and a reference. Advanced undergraduates and masters students in public policy, public administration, economics and health care administration programs will find this a valuable resource. It will also be of great use to agencies that perform benefit-cost analyses.

Benefit-cost analysis reduces all of the impacts of a proposed policy change to a common unit of measurement. It is used in a wide variety of fields including agriculture, life and health, transportation and the environment.In this single volume the editors, both leading scholars in their field, present a judicious selection of previously published papers indispensable to the study of applied benefit-cost analysis. The comprehensive collection is an essential resource to scholars, researchers and policymakers alike.