An Introduction to Law and Economics

Book excerpt: Introduction -- Efficiency and equity -- The coase theorem -- First application : nuisance law -- Second application : breach of contract -- Third application : automobile accidents -- Risk bearing and insurance -- Fourth application : breach of contract again -- Fifth application : automobile accidents again -- Sixth application : law enforcement using fines -- Seventh application : law enforcement using imprisonment -- Competitive markets -- Eighth application : pollution control -- Ninth application : products liability -- Tenth application : principal-agent liability -- Eleventh application : suit, settlement, and trial -- Twelfth application : regulation -- Efficiency and equity reconsidered -- A summing up -- Conclusion.