Handbook of Law and Economics, Volume 1 (Handbook of Law and Economics)

Law can be viewed as a body of rules and legal sanctions that channel behavior in socially desirable directions - for example, by encouraging individuals to take proper precautions to prevent accidents or by discouraging competitors from colluding to raise prices. The incentives created by the legal system are thus a natural subject of study by economists. Moreover, given the importance of law to the welfare of societies, the economic analysis of law merits prominent treatment as a subdiscipline of economics. Our hope is that this two volume Handbook will foster the study of the legal system by economists. *The two volumes form a comprehensive and accessible survey of the current state of the field. *Chapters prepared by leading specialists of the area. *Summarizes received results as well as new developments Content: Introduction to the Series Page v Kenneth J. Arrow, Michael D. Intriligator Contents of the Handbook Pages vii-ix Preface Pages xi-xii A. Mitchell Polinsky, Steven Shavell Contents of Volume 1 Pages xiii-xxii Chapter 1 Contract Law Review Article Pages 3-138 Benjamin E. Hermalin, Avery W. Katz, Richard Craswell Chapter 2 Liability for Accidents Review Article Pages 139-182 Steven Shavell Chapter 3 Property Law Review Article Pages 183-257 Dean Lueck, Thomas J. Miceli Chapter 4 Litigation Review Article Pages 259-342 Kathryn E. Spier Chapter 5 Empirical Study of the Civil Justice System Review Article Pages 343-402 Daniel P. Kessler, Daniel L. Rubinfeld Chapter 6 The Theory of Public Enforcement of Law Review Article Pages 403-454 A. Mitchell Polinsky, Steven Shavell Chapter 7 Empirical Study of Criminal Punishment Review Article Pages 455-495 Steven D. Levitt, Thomas J. Miles Chapter 8 Environmental Law Review Article Pages 499-589 Richard L. Revesz, Robert N. Stavins Chapter 9 Regulation of Health, Safety, and Environmental Risks Review Article Pages 591-645 W. Kip Viscusi Chapter 10 Taxation Review Article Pages 647-755 Louis Kaplow Chapter 11 International Law Review Article Pages 757-826 Alan O. Sykes Author Index of Volume 1 Pages I1-I27 Subject Index of Volume 1 Pages I29-I38 Law can be viewed as a body of rules and legal sanctions that channel behavior in socially desirable directions — for example, by encouraging individuals to take proper precautions to prevent accidents or by discouraging competitors from colluding to raise prices. The incentives created by the legal system are thus a natural subject of study by economists. Moreover, given the importance of law to the welfare of societies, the economic analysis of law merits prominent treatment as a subdiscipline of economics. Our hope is that this two volume Handbook will foster the study of the legal system by economists.

*The two volumes form a comprehensive and accessible survey of the current state of the field.
*Chapters prepared by leading specialists of the area.
*Summarizes received results as well as new developments. Law can be viewed as a body of rules and legal sanctions that channel behavior in socially desirable directions - for example, by encouraging individuals to take proper precautions to prevent accidents or by discouraging competitors from colluding to raise prices. The incentives created by the legal system are thus a natural subject of study by economists. Moreover, given the importance of law to the welfare of societies, the economic analysis of law merits prominent treatment as a subdiscipline of economics. This two-volume handbook explores these issues and aims to foster the study of the legal system by economists