Cover -- Half-title -- Title -- Copyright -- Dedication -- Contents -- Figures -- Tables -- Preface -- Table of cases -- Chapter 1 Introduction -- a short history of law and economics -- legal vs economic reasoning -- the common law -- Structure of the common law -- Why would the common law be efficient? -- further topics and reading -- Chapter 2 The economic approach -- choice and scarcity -- Economic rationality -- Incentive analysis -- benefits and costs -- Benefits: willingness to pay (WTP) -- Valuing intangibles -- Costs as lost opportunities -- Costs vs transfers -- Time value of money: discounting and interest -- Risk and uncertainty -- economic efficiency -- Three qualifications -- The second best -- Efficiency-wealth distribution link -- Static vs. dynamic efficiency -- markets -- market failure -- Monopoly -- Externality -- Public good -- Asymmetric information -- the coase theorem -- The Theorem explained -- Endowment effects -- Transactions costs -- Ten Coasean tenets -- one view of the common law -- further topics and reading -- Chapter 3 Property -- property rights theory -- The case for property -- The economics of property rights -- Property as a bundle of rights -- Exclusivity -- Transferability -- Appropriability -- Divisibility -- common property -- Tragedy of the commons -- creation of property rights -- the role of property law -- intellectual property rights -- adverse possession -- transfer of title -- economics of incompatible property use -- Nuisance bargains -- Bargaining failure -- Where bargaining is not possible -- Summary -- nuisance -- Legal position -- Physical vs amenity loss -- The reasonableness test -- Substantiality -- Locality -- Hypersensitivity -- Social utility -- coming to the nuisance65 -- remedies -- Legal position -- Economics of damages -- Injunctions -- trespass -- riparian rights.

further topics and reading -- Chapter 4 Contract -- the law -- the economic framework -- The economics of contracts -- Types of contract and contract problems -- the economics of contract law -- The basics -- Contract law as gap filling -- Economic functions -- sale of goods -- Basics of market transactions -- Market sanctions -- Warranties -- Standard form contracts -- The lost volume 'puzzle' -- consideration -- Consideration in law -- The pre-existing duty rule -- Unilateral promises -- disclosure and mistake -- Economics of information -- Pre-contractual disclosure -- Mistake -- Common mistake -- Unilateral mistake -- remoteness -- frustration -- duress -- economics of remedies -- The basics -- Specific performance -- Types of damages -- Efficient breach -- Efficient reliance -- cost of cure/completion -- liquidated damages, penalties and deposits -- non-pecuniary damages -- unjust enrichment -- mitigation -- relational contracts -- contracts and competition -- further topics and reading -- Chapter 5 Tort -- objectives -- tort as contract -- negligence principles -- Hand test -- economics of liability -- Joint care -- The activity test -- reasonable man standard -- Custom -- Special skill -- Minors -- Errors and compliance -- contributory negligence -- strict liability -- duty revisited -- causation, foreseeability and remoteness -- Foreseeability and Remoteness -- Simultaneous joint torts -- Successive torts -- economic loss -- product liability -- employers' liability -- Employers' liability law prior to 1880 -- Risk, negligence and common employment -- Some further theory -- Volenti and deterrence -- death and personal injury damages -- Meaning of 'full compensation' -- Optimal deterrence damages -- Future income losses -- Death and WTP -- Pain and suffering -- exemplary damages -- further topics and reading -- Chapter 6 Crime.

features of criminal law -- concept of crime -- deterrence -- efficent penalities -- Optimal deterrence -- So why aren't punishments draconian? -- Actual criminal sanctions -- mens rea and attempts -- public vs private enforcement -- plea bargaining -- further topics and reading -- Economic glossary -- Select bibliography -- TEXTS -- ANTHOLOGIES -- SURVEY ARTICLES -- SPECIALIST LAW AND ECONOMICS JOURNALS -- Index.