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The Economics of Remedies

Edited by Ariel Porat, Alain Poher Professor of Law, Tel Aviv University, Israel and Fischel-Neil Distinguished Visiting Professor of Law, University of Chicago, US
This essential volume incorporates major contributions made by prominent scholars in the past forty years, which illustrate the understanding of the economics of remedies. The editor has selected seminal articles that analyze the well known distinction between property rules and liability rules and demonstrates its significance. The articles also demonstrate the dilemma of which remedy is the more efficient – damages or specific performance. In addition the collection addresses questions concerning the measure of recovery and the scope of liability, and concludes with the novel topic of partial compensation under uncertainty.
Extent: 696 pp
Hardback Price: $364.00 Web: $327.60
Publication Date: 2012
ISBN: 978 0 85793 448 2
Availability: In Stock
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  • Economics and Finance
  • Law and Economics
  • Law - Academic
  • Law and Economics
This essential volume incorporates major contributions made by prominent scholars in the past forty years, which illustrate the understanding of the economics of remedies. The editor has selected seminal articles that analyze the well known distinction between property rules and liability rules and demonstrates its significance. The articles also demonstrate the dilemma of which remedy is the more efficient – damages or specific performance. In addition the collection addresses questions concerning the measure of recovery and the scope of liability, and concludes with the novel topic of partial compensation under uncertainty.

This set of indispensable articles, along with an original introduction by the editor, will be of great value to law professors, law students, judges and practicing lawyers interested in law and economics, and economists.
‘For lawyers, academics and students immersed in this area, the book provides a fascinating journey. . . Meticulously footnoted throughout, the book is certainly a treasure trove of resource materials for further research in this field if you want to explore it in even greater depth.’
– Phillip Taylor and Elizabeth Taylor, The Barrister Magazine

‘This is a wonderful collection of timeless gems and more recent scholarship on the economics of remedies in tort and contract law. All future scholarship in this field must start from this body of work conveniently collected and presented in a single volume that lays the foundation for an integration of analysis in the field of remedies in private law.’
– Michael Treblicock, University of Toronto, Canada

‘This volume collects the classic papers on the law and economics of remedies. It should be on the bookshelf of all scholars who write in this important area.’
– Eric Posner, University of Chicago, US
18 articles, dating from 1972 to 2011
Contributors include: L. Bechuk, G. Calabresi, R. Cooter, R. Craswell, L. Kaplow, S. Levmore, M. Polinsky, A. Schwartz, R. Scott, S. Shavell
Contents:

Acknowledgements

Introduction Ariel Porat

PART I PROPERTY RULES AND LIABILITY RULES
1. Guido Calabresi and A. Douglas Melamed (1972), ‘Property Rules, Liability Rules and Inalienability: One View of The Cathedral’
2. Lucian Arye Bebchuk (2001), ‘Property Rights and Liability Rules: The Ex Ante View of the Cathedral’
3. Ronen Avraham (2004) ‘Modular Liability Rules’
4. Barbara Luppi and Francesco Parisi (2011), ‘Toward an Asymmetric Coase Theorem’

PART II EFFICIENT BREACH: DAMAGES VS. SPECIFIC PERFORMANCE
5. Anthony T. Kronman (1977–1978), ‘Specific Performance'
6. Alan Schwartz (1979), ‘The Case For Specific Performance’
7. Thomas S. Ulen (1984–1985), ‘The Efficiency of Specific Performance: Toward a Unified Theory of Contract Remedies’
8. Richard Craswell (1988), ‘Contract Remedies, Renegotiation, and the Theory of Efficient Breach’

PART III THE MEASURE OF RECOVERY
9. Robert Cooter and Melvin Aron Eisenberg (1985), ‘Damages For Breach of Contract’
10. Louis Kaplow and Steven Shavell (1996), ‘Accuracy in the Assessment of Damages’
11. A. Mitchell Polinksy and Steven Shavell (1998), ‘Punitive Damages: An Economic Analysis’
12. Charles J. Goetz and Robert E. Scott (1977), ‘Liquidated Damages, Penalties and the Just Compensation Principle: Some Notes on an Enforcement Model and a Theory of Efficient Breach’

PART IV THE SCOPE OF LIABILITY
13. W. Bishop (1982), ‘Economic Loss in Tort’
14. Samuel A. Rea Jr. (1982), ‘Nonpecuniary Loss and Breach of Contract’
15. David Friedman (1982), ‘What is “Fair Compensation” for Death or Injury’
16. Richard A. Epstein (1989), ‘Beyond Foreseeability: Consequential Damages in the Law of Contract’

PART V PARTIAL COMPENSATION
17. Saul Levmore (1990), ‘Probabilistic Recoveries, Restitution, and Recurring Wrongs’
18. Ariel Porat (2007), ‘Offsetting Risks’