Economics of the Law: Torts, Contracts, Property, Litigation

By Thomas J. Miceli | Go to book overview

NOTES

Chapter 1
1.
See chapter 8 for a further discussion of the evolution of the law toward efficiency.
2.
See Coase ( 1960).
3.
This discussion is based on Coleman ( 1982), Murphy and Coleman ( 1990, chap. 5), and Miceli and Segerson ( 1995). Also see Atkinson and Stiglitz ( 1980).
4.
Another way is to employ the political process to choose among noncomparable points.
5.
See, for example, Posner ( 1980, 1992).
6.
But see Murphyand Coleman ( 1990, pp. 224-227).
7.
For example, Posner ( 1992, p. 523) states that "Although the correlation is far from perfect, judgemade rules tend to be efficiency-promoting, while those made by legislatures tend to efficiency-reducing." Also see Kaplow and Shavell ( 1994).
8.
The behavior of legislatures is generally studied under the heading of public choice theory.
9.
That is, x* is the herd size that a combined rancher-farmer would choose.
10.
The second-order condition is satisfied given a decreasing marginal benefit (II" < 0) and an increasing marginal cost (D" > 0).
11.
See chapter 6 for a more detailed analysis of Pigouvian taxes (and subsidies) in comparison to other methods for controlling externalities.
12.
See chapter 2, section 2.2.
13.
For a more precise statement, including all of the underlying assumptions, see Coleman ( 1982) and Cooter ( 1982a).
14.
But see Hovenkamp ( 1995, pp. 337-338).
15.
Reassigning legal rights is like moving to a different starting point in the Edgeworth box. Although the market mechanism will still put the parties on the contract curve, their equilibrium wealth levels will be different.
16.
The rancher's purchase price similarly will reflect the prevailing liability rule if the farmer was there first.
17.
See the discussion of this issue in chapter 6 (section 2.5) and also in chapter 7 in the context of compensation for takings (section 2.4).
18.
But see the case study by Ellickson ( 1991), which shows that parties involved in an externality situation often do cooperate to achieve a mutually beneficial outcome without

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