14.24 Law and Economics
- Course Text: Cooter, Robert, and Thomas Ulen. (2000) Law and Economics,
third edition. New York: Addison Wesley Longman. Available for purchase in the M.I.T. Coop.
- Web Site: Cooter and Ulen have constructed an extensive
web site containing supplementary materials, cases, and links.
- Supplementary Article: Kaplow and Shavell, Harvard Law School professors and prominent scholars
in the field of law and economics, have prepared a survey article forthcoming in the Handbook of Public Economics.
It is currently available as an National Bureau of Economic Research working
- Article on Emotions in Bargaining: In class, it was mentioned that bargaining may be inefficient
if parties allow emotion to interfere with rationality. Peter Huang has authored a paper, forthcoming in the Oregon Law
Review, which attempts to formalize the issue.
- Article on Damages: I have co-authored (with Rohan Pitchford, an economist at the Australian National
University) a paper on the relative efficiency of
different property rights regimes (including the question of the relative efficiency of injunctions vs. damages). Download the
- Empirical Paper on Effects of Tort Law: Daniel Kessler and Mark McLellan, "Do Doctors Practice
Defensive Medicine?" Quarterly Journal of Economics vol. 111, no. 2 (May 1996) pp. 353-90. Download the
National Bureau of Economic Research working paper version.
- Empirical Paper on Deterrence Effect of Punishment on Crime:
Kenneth Wolpin, "An Economic Analysis of Crime and Punishment in England and Wales, 1894-1967," Journal of Political Economy
vol. 86, no. 5 (Oct. 1978) pp. 815-840. Download the paper from JSTOR.
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