IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this book chapter or follow this series

Economic analysis of law

In: Handbook of Public Economics

  • Kaplow, Louis
  • Shavell, Steven

This is a survey of economic analysis of law, that is, of the emerging field under which the standard tools of microeconomics are employed to identify the effects of legal rules and their social desirability. Five basic subject areas are covered. The first is legal liability for harm. Here we discuss liability rules as incentives to reduce risk, issues of risk-bearing and insurance, and the costs of the liability system. Second, we consider property law, where we address the nature and justification of property rights, public property, the acquisition and transfer of property, externalities surrounding the use of property, and intellectual property. Third, we examine contract law, including the formation of contracts, their interpretation, and remedies for their breach. We focus on production contracts but also discuss other types, including donative contracts. Fourth, we treat the subject of civil litigation, that is, the bringing of lawsuits, and their settlement or disposition at trial. We also mention the appeals process, alternative dispute resolution, the provision of legal advice, and several additional topics relating to litigation. Fifth, we consider public enforcement of law, focusing on the level of law enforcement effort, the magnitude of sanctions, and other issues relevant to criminal law. Finally, we discuss criticisms that are commonly made by legal academics of economic analysis of law and offer concluding remarks.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.sciencedirect.com/science/article/B7P63-4FFPH82-11/2/760727061ce7cb40d8474362f8f7e6aa
Download Restriction: Full text for ScienceDirect subscribers only

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

as
in new window

This chapter was published in:
  • A. J. Auerbach & M. Feldstein (ed.), 2002. "Handbook of Public Economics," Handbook of Public Economics, Elsevier, edition 1, volume 3, number 3.
  • This item is provided by Elsevier in its series Handbook of Public Economics with number 3-25.
    Handle: RePEc:eee:pubchp:3-25
    Contact details of provider: Web page: http://www.elsevier.com/wps/find/bookseriesdescription.cws_home/BS_HE/description

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:eee:pubchp:3-25. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.