Summary of Contents

PREFACE
ACKNOWLEDGMENTS
TABLE OF CASES

Chapter 1. Introduction
A. Efficiency and Utility Maximization
B. Efficiency and Wealth Maximization
C. Comparing Utility and Wealth Maximization: The Pareto Criteria and the Role of Compensation
D. Efficiency and Equity

Chapter 2. Property Rights and Nuisance Law
A. Externalities and Inefficiency
B. Assigning and Exchanging Rights
C. Transaction Costs and Impediments to Bargaining

Chapter 3. The Economic Analysis of Tort Law
A.Liability as an Incentive for Efficient Behavior
B. The Negligence Standard
C. Efficiency of Defenses to Liability Based on Negligence
D. Strict Liability
E. Efficient Defenses to Strict Liability
F. Problems in Calculating Damages

Chapter 4. Economics of Contract Law
A. The Economic Functions of Contract
B. Exchange, Efficiency and Unenforceability
C. Efficient Breaches
D. Efficient Remedies
E. The Limits of Contract

Chapter 5. The Efficiency of the Cominon Law
A. Judicial Values and Economic Analysis
B. The Efficient Evolution of the Common Law

Chapter 6. Economic Analysis of Regulation
A. Economic Theory of Demand and Supply
B. Marginal Analysis and Aliocative Efficiency
C. Regulation and Consumer Welfare Economics
D. Economics of Antitrust Law
E. Regulation of Natural Monopolies

Chapter 7. Constitutional Law and Public Choice
A.Theory of the State
B. Translating Individual Preferences Into Public Choices: Voting Rules as Indicia of Social Welfare
C. Rent-Seeking and the Economic Theory of Legislation
D. Choosing Optimal Rules of Decision: The Crafting of a Constitution
INDEX