Economic Approaches to Law series – serie

This timely research review successfully combines economically-oriented legal scholarship on insurance with policy-relevant economics scholarship on insurance. Professor Schwarcz has selected seminal contributions from the past twenty years to explore some of the central questions involving the role of the state in insurance markets. These include rules governing the interpretation and enforceability of insurance contracts, the regulation of insurers and insurance markets, and the role of public programs in supporting private insurance markets. This essential title will be of immense value and interest to students and academics interested in the diverse field of the law and economics of insurance.

This essential volume incorporates major contributions made by prominent scholars in the past forty years, which illustrate the understanding of the economics of remedies. The editor has selected seminal articles that analyze the well known distinction between property rules and liability rules and demonstrates its significance. The articles also demonstrate the dilemma of which remedy is the more efficient - damages or specific performance. In addition the collection addresses questions concerning the measure of recovery and the scope of liability, and concludes with the novel topic of partial compensation under uncertainty.This set of indispensable articles, along with an original introduction by the editor, will be of great value to law professors, law students, judges and practicing lawyers interested in law and economics, and economists.

Almost anywhere in the world, new constitutions are written and passed at almost any time. Over the last couple of years, an increasing number of economists have analysed constitutions based on an economic approach with an emphasis firstly on the (economic) effects of constitutions and followed by the factors determining their content. The contributions assembled in this volume go one step further: they ask how the knowledge gained over the last number of years can usefully be applied to constitutional design. This new branch could also be termed applied constitutional economics. Along with an original introduction, Professor Voigt has compiled a valuable research collection that will be of interest to scholars and practitioners in this growing field.

This two-volume collection provides an overview of essential works for understanding one of the most important contributions to the field of law and economics: the Coase Theorem. A variety of prominent scholars contribute crucial essays, each exploring different aspects of Coase’s work. Volume I explores the origins, restatements and extensions of Coase’s Theorem and contains subsections on sources, positive restatements, normative corollaries, ‘Coaseanism’, and Coase’s intellectual legacy. Volume II considers criticisms and applications of the Coase Theorem covering surveys and applications, Coasean Bargaining, Coase and the Constitution, political markets, liability, critiques, and experimental testing of the Theorem.Along with a new and original introduction, the diverse array of authors and topics makes this compendium an indispensable tool to study one of the most cited economic theories of the 20th century.

In this volume, Professor Deakin and Professor Pistor include those key articles which highlight the major contributions to, but also the inherent limits of, the legal origin literature. They consider the merits of this approach in the context of three fields of inquiry: the study of comparative law; the analysis of the relation between law and markets; and the understanding of the role of legal systems in social ordering. In their thought-provoking new introduction, the editors discuss the modifications to the original legal origin hypothesis over time and point the way for the future development of this influential, yet controversial, theory.

This authoritative book includes a selection of seminal articles published in the emerging field of technological progress and innovation. The first part of the book is dedicated to the economics of innovation, while the following parts include important papers in various legal areas that focus on innovation. The legal fields covered by the collection include intellectual property, torts, competition law and regulation. This comprehensive book will be useful to researchers, students and legal practitioners who are interested in innovation and is a must in any research library.

Ronen Avraham, David Hyman and Charles Silver, leading authorities in their fields, discuss the effects of economic and legal constraints and regulation on healthcare. They examine the impact of access to healthcare on mortality and clinical outcomes and investigate healthcare financing, including payment to providers, expanding costs, health insurance and the provision of long-term care. The distribution of spending and the expansion of provision are also investigated. The regulatory aspect includes discussions on the regulation of healthcare practice, medical malpractice and liability, and public health and ethical issues.

Although the relationship between fairness and the economic concept of efficiency is usually cast as an adversarial one, this collection demonstrates the robust and diverse ways in which economics engages - and cannot avoid engaging - with fairness. This title contains papers presenting positive analyses of fairness preferences and beliefs, which are fundamental means through which fairness matters for economic models and then turns to normative analysis and the broad question of how law should reconcile fairness and efficiency considerations. It presents a sampling of legal and policy applications in which both fairness and efficiency considerations prove important.

This important title introduces the reader to the key theoretical and empirical issues concerning the topical field of law and economics of discrimination. The book begins with readings from Gary Becker's seminal work on the economics of discrimination followed by a series of papers that try to evaluate the degree of discrimination in labour markets and the extent to which government intervention has reduced this discrimination. In addition to examining discrimination on the basis of race, gender, and sexual orientation in the labour market, Professor Donohue explores the problem of discrimination in various consumer markets, in the criminal justice sphere, in education and in health care.

This excellent research review contains the very best studies that take an economic approach to the study of judicial behaviour. The authors hail from the disciplines of business, economics, history, law, and political science, and the topics they cover are equally varied. Subjects include the judges' motivations, judicial independence, precedent, judging on collegial courts and in the hierarchy of justice and the relationship between judges and the other government actors.

This collection brings together the key papers in the area of efficiency in law and economics. Alongside an original introduction, the collection covers the applications of economic efficiency to law and the limitations and morality of efficiency. This important book will appeal to anyone interested in the underlying welfare theory relating to the use of economics in law, examining both the history and impact of the theory, as well as its deficiencies.

This book provides a broad survey of past and recent scholarship on mergers and acquisitions. Seminal work on the history, rationales and outcomes of mergers and acquisitions is followed by leading articles on what M&A lawyers do. Major articles by prominent authorities in the field explore how deals are done, defended and terminated. The collection concludes with several eminent selections on private equity deals and international issues.

Customary law has been the subject of intense debate and the issues arising from the intersection of customs and the law are far from settled. This volume, separated into three parts brings together seminal work from scholars in law, economics and history. The first section analyses various perspectives on the history of customary law. Part two focuses on the commercial customary law and includes a number of case studies covering the role and limits of customary systems in a variety of commercial settings. The final section explores the role of custom in international law from a variety of legal and economic perspectives.Along with an original introduction by Professors Bernstein and Parisi, this valuable collection will be of interest to scholars, practitioners and academics with an interest in this diverse and interdisciplinary field.

Generations of law and economics scholars have been fascinated by history, seeing in its institutions and laws a vast database for illustrating their theories. Equally, historians have seen economic analysis as a helpful tool with which to analyse legal institutions. As a result a vibrant field has emerged in which people trained in law, economics, history and political science have all made significant contributions. This research review identifies the most important works examining legal history from an economic perspective.

Bringing together the most important articles from leading authors in the field, Professor Geoffrey Miller's new collection, Economics of Securities Law, is an essential resource for students, policymakers and those interested in the history and current status of the subject. The papers included represent fundamental contributions that shaped later thinking, illustrate approaches that have proven durably influential or represent important challenges to conventional views. The collection also explores new approaches, such as behavioural economics, alongside 'Chicago School' papers, comparative analyses and influential works by people involved in the creation of laws governing modern securities markets.

Covering the most important areas of the subject, such as financial crises, the nature of the banking firm and issues in bank regulation, Economics of Financial Law is a comprehensive collection of the papers that have shaped the field of financial law. This original research review by editor Professor Geoffrey Miller provides a thorough and authoritative examination of the material and will prove to be an invaluable resource for academics and practitioners alike.

The economic approach to law relies on the use of economic models, mostly mathematical, for understanding the nature and function of law. The articles in this collection reflect state-of-the-art modeling techniques and explore how to use these to both formulate important questions and resolve particular legal issues. Following an original introduction by the editors, the volume spans the many sub-areas of law and economics (with papers in torts, contracts, property, crime, and legal procedure) and includes a wide range of papers, incorporating classics and some less well-known papers.Economic Models of Law will be an invaluable resource for active scholars as well as an inspiration for the next generation of modelers.

This volume compiles influential and diverse readings on the timely subject of immigration. This collection includes work published by leading economists, as well as a number of important contributions made by influential legal scholars, with a focus on economic issues that are salient in debates over immigration policy. Professor Chang’s introduction not only explains the contribution that each reading makes to our understanding of immigration, but also surveys the literature more broadly, putting the selected readings in context.

Scholarly analysis of corporate law in the United States has come to be dominated by an economic approach. Professor Hill and Professor McDonnell here draw together seminal articles which represent major milestones along the road that economics has traveled in coming to play this central role in corporate law scholarship. The focus is on the analysis of corporate law, drawing mainly upon legal scholarship and particularly on US scholarship, which is the originator of the application of modern economic analysis to corporate law and has had much influence in other countries.Beginning with several of the key works on the economics of the firm which have most heavily influenced legal scholarship, the title explores the central legal role of the board of directors and state competition for corporate charters. It further considers the role of hostile takeovers and board defenses against them and the effectiveness of shareholder suits and other agency mechanisms.31 articles, dating from 1931 to 2006Contributors include: L.A. Bebchuk, A.A. Berle, Jr., B.S. Black, H. Hansmann, R. Kraakman, H. Manne, M.J. Roe, R. Romano, O. Williamson

Dedicated to the late Henry G. Manne, this authoritative research review surveys the development of law and economics both as a scholarly field and as an educational program. Starting as a niche area, centered primarily at the University of Chicago, law and economics has grown to be the dominant field in US legal scholarship. The influential articles discussed in this review trace that development from the mid-20th century through to today, focusing on both the personalities who laid the groundwork for the field's success and the intellectual debates that fueled its growth. Written by two experts in the field, this review is a valuable research tool for academics and students interested in the history of law and economics.

This insightful research review provides analysis of the most important contemporary work by experts in the economic analysis of legal reasoning and interpretation. It explores a wide range of topics in the field, from constitutional to statutory interpretation, precedent and the interpretation of contracts. The articles discussed raise key questions concerning the optimal construction of institutions, the best approach to judicial decision-making, and the best strategies for statutory and contract drafting. This fascinating review will be valuable to academics interested in legal reasoning, economic analysis and legal philosophy.

This authoritative collection demonstrates the increasing application of the law and economics methodology to the problems of developing countries. At the foundation of this application is the institutional approach to economic development, which emphasises the success or failure of key institutions in facilitating development. The impact on future research will be far-reaching and is expected to dominate the debate on development issues for a long time to come. There has been an outpouring of literature, both theoretical and empirical, that examines various facets of development from an institutional perspective and emphasises the crucial role played by the legal system in the economic development of nations. The editors have drawn together a careful selection of the key papers for inclusion in this volume, which will be an invaluable reference for lawyers, economists and development practitioners.

Economists have studied numerous fields of law for many years, but family law was virtually neglected until the early 1970s. It was only relatively recently that economic insights about the family crept into the consciousness of those involved in legal research.The articles within this book explore a range of family law issues and include discussions on a variety of topics including cohabitation, births outside marriage, courtship, premarital contracting, marriage and parenting. The volume includes papers on the division of responsibilities between family and state, the effects of no-fault divorce, alimony, property division and child custody. There are also works on intergenerational transfers and the elderly.The collection contains articles written by leading authorities in the field and provides a stimulating exploration of the subject of family law and economics. The book will be accessible to a wide audience, including students of law and economics, as well as both academic and practising lawyers. The questions posed in this volume are worthy of consideration by the next generation of academics.

This volume contains a selection of the most important articles on the issue of the evolution of the common law. The notion that evolutionary forces would lead to common law efficiency has been very influential in the study of the economics of law. Even those scholars who do not believe that the law is efficient will find it useful to consider the evolutionary forces identified in this volume.In an even-handed approach, Professor Rubin has selected not only articles which advance the hypothesis of efficient evolution, but also those which claim that the evolutionary process is not efficient. Further articles show that the process is indeed sometimes efficient and sometimes not, and identify those conditions which bring about more of less efficiency in the evolution of law. This authoritative collection will be useful to anyone who is concerned with the sources of efficiency and inefficiency in the law, as well as to scholars pursuing research in this area.

This two-volume collection, prepared by a leading scholar in this field, brings together the seminal articles on the law and economics of tort law. The selection of papers addresses topics such as the Coase theorem, the choice between property and liability rules, the difference between negligence and strict liability, the economics of causation, damages and vicarious liability and the economics of affirmative duties. This is a classic collection that provides an essential foundation in the core issues fundamental to an understanding of tort law.

This authoritative collection brings together a careful selection of previously published articles that use economics to analyze the interaction of law, on the one hand, and social norms and nonlegal sanctions on the other. The articles cover a range of foundational questions. What are social norms and nonlegal sanctions? Do strong laws undermine social norms, thus weakening other valuable forms of social cooperation? Can laws be used to exploit existing social norms, so that the laws are more effective than they would be otherwise? The contributing authors use a variety of economic models and concepts to address these questions.

This insightful two-volume set presents a careful selection of the most important published papers on the economics of antitrust law. The collection focuses on areas of major importance including market power, horizontal arrangements, and vertical arrangements and exclusionary behaviour. It includes seminal papers on topics such as oligopoly and collusion, horizontal mergers and joint ventures, exclusive dealing and tying and bundling. The Economics of Antitrust Law will be an essential source of reference for economists, lawyers and practitioners concerned with this important and controversial area of law and economics.

This insightful and authoritative two-volume set examines the major issues and theories concerning federal political systems. The book covers the two main branches in the economics literature.The first branch, on competitive federalism focuses on the horizontal structure of federalism, as well as examining the jurisdictional competition between state and governments for mobile individuals and resources. The second branch focuses on fiscal federalism and examines the vertical structure of federalism, or the division of public services and taxing power between central and state governments.This comprehensive set also examines applications of the economic analysis of federalism in specific areas of the law, including: corporate law; antitrust law; environmental law; choice of law rules; contractual choice of law and public choice theory. It will be of interest to economic and legal scholars alike.

For this comprehensive collection, the editor has brought together key readings on the subject of the law and economics of intellectual property rights - patents, copyrights and trademarks. It provides a judicious selection of the most important published research on this crucial topic, drawing equally from the law and economics literature. It thus brings together frequently cited classic articles that are rarely encountered in a single published source. The articles have been selected on the basis of three primary criteria: their continuing influence in legal and economic discussions; their longevity (important in a field where the volume of published work is very large and growing very quickly); and their relevance to contemporary theoretical and policy debates. The chosen writings delve deeply into theory, empirics, and institutional detail, ranging from Edwin Mansfield's early, influential study on patents and imitation costs, to very recent work on the relationship between copyright law and the first amendment. This collection makes an indispensable desk reference for scholars of intellectual property rights.