9781594601866

Economic Analysis for Lawyers

by ;
  • ISBN13:

    9781594601866

  • ISBN10:

    1594601860

  • Edition: 2nd
  • Format: Hardcover
  • Copyright: 2005-12-30
  • Publisher: Carolina Academic Pr

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Summary

The purpose of this casebook is to reach the principles of microeconomics. Economic Analysis for Lawyers presumes no prior training in economics and uses the same building block approach that is found in most microeconomics principles textbooks that are used in undergraduate economics classes. This book includes excerpted cases and other materials that illustrates the applicability of the economic principles to legal disputes and public policy issues. Fundamental principles are introduced in the first four chapters. Subsequent chapters build on these fundamentals by adding a detailed and sophisticated analysis in the general areas of monopoly, externalities, information, labor markets, risk, organizational economics, and financial economics. The result is a thorough introduction to the principles of microeconomics.If you are a professo

Author Biography

Henry N. Butler is the James Farley Professor of Economics at the George L. Argyros School of Business and Economics at Chapman University. Christopher Drahozal is a professor at the University of Kansas School of Law

Table of Contents

Table of Cases
xv
Preface to the Second Edition xvii
Preface to the First Edition xix
The Economics Perspective: Incentives Matter
Economic Behavior
4(13)
Opportunity Costs, Economic Choices, and the Margin
4(1)
Assumptions about Human Behavior
5(1)
The Nature of Man
5(4)
Notes and Questions
9(2)
Assumptions about Firm Behavior
11(1)
Matsushita Elec. Indus. Co. v. Zenith Radio Corp.
11(3)
Notes and Questions
14(3)
Property Rights and Exchange in a Free Market Economy
17(13)
An Overview of the Efficient Property Rights System
17(2)
Enforcement of Property Rights
19(1)
Property Rules, Liability Rules, and Inalienability: One View of the Cathedral
19(1)
Notes and Questions
20(1)
Poorly Defined Property Rights
20(1)
The Tragedy of the Commons
21(1)
Notes and Questions
21(1)
Wronski v. Sun Oil Co.
22(1)
Notes and Questions
23(1)
Public Goods
24(1)
Externalities, Property Rights, and the Coase Theorem
25(2)
Fontainebleau Hotel Corp. v. Forty-Five Twenty-Five, Inc.
27(2)
Notes and Questions
29(1)
Legal Analysis and the Art of Economics
30(7)
Eldred v. Ashcroft
31(4)
Notes and Questions
35(2)
Game Theory
37(6)
Page v. United States
39(2)
Notes and Questions
41(2)
Positive versus Normative Economic Analysis
43(10)
Positive Economic Analysis and Scientific Methodology
43(1)
In Re Aluminum Phosphide Antitrust Litigation
44(4)
Notes and Questions
48(2)
Efficiency and Other Normative Goals
50(3)
Markets and the Price System
The Law of Demand
53(3)
Consumer Choice
54(1)
Market Demand
55(1)
The Law of Supply
56(4)
The Opportunity Costs of Supply
56(3)
Supply and Costs of Production
59(1)
Equilibrium: Market Price and Quantity
60(11)
Market Price and Quantity
61(1)
Sedmak v. Charlie's Chevrolet, Inc.
61(2)
Notes and Questions
63(2)
Market Prices and Subjective Value
65(2)
Peevyhouse v. Garland Coal & Mining Co.
67(3)
Notes and Questions
70(1)
Gains From Trade: Consumer Surplus and Producer Surplus
71(14)
Mutually-Beneficial Exchange
72(1)
Individual Self-Interest, Free Markets, and Social Welfare: The Invisible Hand
73(1)
An Inquiry into the Nature and Causes of the Wealth of Nations
74(1)
Notes and Questions
74(1)
Unequal Bargaining Power and the Limits of Mutually Beneficial Exchange
75(1)
Unconscionability
76(1)
Williams v. Walker Thomas Furniture Co.
76(1)
Williams v. Walker Thomas Furniture Co. II
77(2)
Notes and Questions
79(2)
Modification and the Pre-Existing Duty Rule
81(1)
Alaska Packers' Association v. Domenico
81(2)
Notes and Questions
83(2)
Changes in Demand and Supply
85(8)
Changes in Demand
85(2)
Changes in Supply
87(1)
Competitive Enterprise Institute v. National Highway Traffic Safety Admin.
88(3)
Notes and Questions
91(2)
Price Controls
93(11)
Price Ceilings
94(1)
M. Kraus & Bros., Inc. v. United States
94(3)
Notes and Questions
97(2)
Jones v. Star Credit Corp.
99(2)
Notes and Questions
101(1)
Price Floors
102(1)
The Quality of Products and Services in a Price Controlled Market
103(1)
Elasticity: The Responsiveness of Supply and Demand to a Price Change
104(11)
Elasticity of Demand
104(5)
Elasticity of Supply
109(1)
Time and Elasticity
110(1)
Tax Incidence
111(4)
The Role of Prices
115(5)
The Use of Knowledge in Society
115(1)
Notes and Questions
116(4)
The Legislative Process and the Courts
Normative Grounds for Government Intervention
120(4)
Market Failures
120(1)
Information Problems
120(1)
Externalities
121(1)
Monopoly
122(1)
Public Goods
123(1)
Distributional Issues
123(1)
Public Choice Economics
124(18)
Money for Nothing: Politicians, Rent Extraction, and Political Extortion
125(3)
Notes and Questions
128(3)
City of Columbia v. Omni Outdoor Advertising, Inc.
131(4)
Notes and Questions
135(2)
West Lynn Creamery, Inc. v. Healy
137(4)
Notes and Questions
141(1)
The Economics of the Court System
142(33)
Public Choice and the Courts
142(1)
Republican Party of Minnesota v. White
142(7)
Notes and Questions
149(2)
Suit and Settlement
151(1)
Kohls v. Duthie
152(3)
Notes and Questions
155(3)
The Economics of Court Procedures
158(1)
Discovery
158(1)
Hagemeyer North America, Inc. v. Gateway Data Sciences Corp.
159(3)
Notes and Questions
162(1)
Class Actions
163(1)
In re: Bridgestone/Firestone, Inc.
164(2)
Notes and Questions
166(1)
Mars Steel Corp. v. Continental Illinois National Bank & Trust Co.
167(3)
Notes and Questions
170(2)
Private Adjudication
172(1)
Carbajal v. H&R Block Tax Services, Inc.
172(1)
Notes and Questions
173(2)
Externalities
Externalities
175(11)
Negative Externalities
176(2)
Orchard View Farms, Inc. v. Martin Marietta Aluminum, Inc.
178(5)
Notes and Questions
183(1)
Positive Externalities
184(2)
Dealing with Externalities
186(25)
The Assignment and Enforcement of Property Rights
186(1)
Bargaining and the Coase Theorem
187(1)
Prah v. Maretti
188(6)
Notes and Questions
194(1)
Transaction Costs
195(2)
Boomer v. Atlantic Cement Co., Inc.
197(4)
Notes and Questions
201(1)
Spur Industries, Inc. v. Del E. Webb Development Co.
202(4)
Notes and Questions
206(1)
Corrective Taxes and Subsidies
206(2)
Government Regulation
208(1)
Direct Regulation v. Corrective Taxes
209(1)
Selling Rights to Pollute
209(2)
Market Failures and Government Failures
211(10)
Markets and the Environment: Friends or Foes?
211(7)
Notes and Questions
218(3)
Information Costs and Transaction Costs
Asymmetric Information and Market Responses
221(9)
The Market for ``Lemons''
221(1)
Adverse Selection and Insurance Contracts
222(1)
Reputational Bonds and Other Market Mechanisms for Disclosing Information About Quality
222(1)
The Role of Market Forces in Assuring Contractual Performance
223(5)
Notes and Questions
228(2)
Monitoring Contractual Performance: Agent-Principal Contracting
230(3)
Opportunism: Market and Contractual Solutions
233(22)
Firm-Specific Investments and the Appropriation of Quasi-Rents
234(1)
Lake River Corp. v. Carborundum Co.
235(4)
Notes and Questions
239(3)
Franchising
242(1)
Corenswet, Inc. v. Amana Refrigeration, Inc.
243(4)
Transaction Cost Determinants of ``Unfair'' Contractual Arrangements
247(5)
Notes and Questions
252(3)
Corporate Governance
255(24)
Shareholder Voting and Rationally Ignorant Shareholders
256(1)
Agency Costs and Owner/Manager Conflicts
257(1)
The Contractual Theory of the Corporation
258(1)
The Market for Corporate Control
259(1)
Notes on the Market for Corporate Control
260(1)
Product Market Competition
261(1)
Capital Market Competition and Capital Structure
261(1)
Corporate Performance and Executive Compensation
262(1)
Kamin v. American Express Co.
263(2)
Notes and Questions
265(1)
Markets for Managers
266(1)
The Board of Directors
267(1)
Ownership Structure
267(1)
Corporate Law and Fiduciary Duties
267(1)
Jordan v. Duff and Phelps, Inc.
268(6)
Notes and Questions
274(2)
Corporate Federalism
276(1)
Notes and Questions on Corporate Federalism
276(1)
Enron, WorldCom, and the Sarbanes-Oxley Act of 2002
277(2)
Risk
Economics of Uncertainty and Risk
279(7)
Basic Probability Theory
279(1)
Expected Value and Variance
280(2)
Expected Utility and Risk Preference
282(4)
Insurance
286(15)
Demand for Insurance
286(1)
Supply of Insurance
286(1)
Adverse Selection
287(1)
Hall v. Continental Casualty Co.
287(3)
Notes and Questions
290(1)
Moral Hazard
290(1)
Atwater Creamery Co. v. Western National Mutual Insurance Co.
291(3)
Notes and Questions
294(1)
Insurer's Duty to Settle
295(1)
Mowry v. Badger State Mutual Casualty Co.
295(5)
Notes and Questions
300(1)
Self-Insurance
301(1)
Risk and Market Prices
301(14)
Financial Products
301(1)
The Rights of Creditors of Affiliated Corporations
302(1)
Products and Services: Risk Allocation and Contract Law
303(1)
Assumption of Risk
304(1)
Molinari v. Tuskegee University
304(2)
Notes and Questions
306(1)
The Bargaining Principle and Least-Cost Risk Avoider
307(1)
The Allocation of Risk---Impracticability and Mistake
307(1)
Eastern Air Lines v. Gulf Oil Corp.
307(2)
Notes and Questions
309(1)
Wilkin v. 1st Source Bank
310(2)
Notes and Questions
312(1)
Compensating Wage Differentials and Market Levels of Safety
313(2)
Information, Risk, and Price Adjustments
315(1)
Tort Law
315(36)
Behavior Modification and Minimizing the Costs of Accidents
315(1)
United States v. Carroll Towing Co.
316(2)
Notes and Questions
318(5)
Loss Spreading and Insurance
323(1)
Greenman v. Yuba Power Products, Inc.
323(2)
Notes and Questions
325(2)
The Current Insurance Crisis and Modern Tort Law
327(7)
Notes and Questions
334(2)
Allocative Efficiency
336(1)
Doe v. Miles Laboratories, Inc.
336(3)
Notes and Questions
339(1)
Tort Damages and Incentives
340(1)
Compensatory Damages
340(1)
O'Shea v. Riverway Towing Co.
340(1)
Punitive Damages
340(1)
Mathias v. Accor Economy Lodging, Inc.
341(4)
Notes and Questions
345(2)
Collateral Source Rule
347(1)
Helfend v. Southern California Rapid Transit District
347(3)
Notes and Questions
350(1)
Risk Regulation
351(23)
Cost-Benefit Analysis
351(1)
UAW v. Occupational Safety & Health Administration
351(5)
Notes and Questions
356(5)
Measuring Risk: All Risks Are Relative
361(1)
Corrosion Proof Fittings v. Environmental Protection Agency
361(6)
Notes and Questions
367(1)
Risk v. Risk
368(1)
Competitive Enterprise Institute v. NHTSA
369(1)
Risk Regulation Priorities
369(1)
Political Economy of Health and Safety Regulation
370(4)
Competition and Monopoly
Costs of Production
374(10)
Short-Run Production
374(1)
The Law of Diminishing Marginal Returns
374(2)
Short-Run Costs
376(3)
Long-Run Production
379(1)
Long-Run Costs
379(1)
Economies, Diseconomies, and Minimum Efficient Scale
380(2)
Changes in Costs of Production
382(1)
Profits and the Costs of Production
383(1)
The Competitive Market
384(9)
Short-Run Individual Firm Behavior: Profit Maximization
384(3)
Loss Minimization: The Shut-Down Decision
387(1)
The Short-Run Supply Curve
388(1)
Long-Run Firm Behavior: Industry Supply
388(4)
The Economic Benefits of Competition
392(1)
The Dynamic Competitive Process
393(20)
Advertising
395(1)
Bates v. State Bar of Arizona
395(7)
Notes and Questions
402(1)
Point of Sale Services
403(1)
Continental T.V., Inc. v. GTE Sylvania, Inc.
403(8)
Notes and Questions
411(2)
Monopoly
413(34)
Profit Maximizing Price and Quantity
413(4)
The Social Costs of Monopoly
417(1)
Deadweight Costs
417(2)
Rent-Seeking Costs
419(1)
Other Criticisms of Monopoly
420(2)
Barriers to Entry
422(1)
Collusion and Cartel Theory
422(2)
The Quest for Monopoly Profits
424(1)
Price Fixing
425(1)
Goldfarb v. Virginia State Bar
425(4)
Notes and Questions
429(2)
Price Fixing and Intellectual Property Rights
431(1)
Broadcast Music, Inc. v. Columbia Broadcasting System, Inc.
431(10)
Notes and Questions
441(1)
Price Discrimination
442(2)
Predatory Pricing
444(1)
Matsushita Elec. Indus. Co. v. Zenith Radio Corp.
444(3)
Principles of Valuation
Discounted Present Value
447(4)
The Present Value Formula
448(1)
Rules of Thumb for Determining Present Value
449(2)
The Perpetuity Rule
451(1)
The Rule of 72
451(1)
Discounting and Litigation
451(19)
Determining the Relevant Future Stream
452(1)
Haugan v. Haugan
452(4)
Notes and Questions
456(1)
Diocese of Buffalo v. State of New York
456(3)
Notes and Questions
459(1)
Determining the Proper Interest Rate
460(1)
Trevino v. United States
460(3)
Notes and Questions
463(2)
Pulling It All Together
465(1)
O'Shea v. Riverway Towing Co.
465(4)
Notes and Questions
469(1)
The Value of Life
470(9)
Economic Value of Life
470(1)
Cappello v. Duncan Aircraft Sales of Florida
470(2)
Notes and Questions
472(1)
The Hedonic Value of Life
473(1)
Mercado v. Ahmed
474(4)
Notes and Questions
478(1)
Valuation of Close Corporations
479(20)
Discounted Future Returns Approach
481(1)
Kleinwort Benson, Ltd. v. Silgan Corp.
481(4)
Notes and Questions
485(2)
Approaches Using Current or Historical Data
487(3)
Central Trust Co. v. United States
490(7)
Notes and Questions
497(2)
Glossary of Economics Concepts 499(20)
Index 519

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