Law and Economics

  1. The Economics of Tort Law
    1. Economic Goals of Tort Law
      1. Minimizing Social Costs of Accidents
        1. Optimal Deterrence
          1. Compensation Function
            1. Cost of Prevention
              1. Cost of Accidental Harm
              2. Negligence Rule
                1. The Hand Formula
                  1. Burden of Precaution
                    1. Probability of Loss
                      1. Magnitude of Loss
                        1. Calculating Reasonable Precautions
                        2. Reasonable Person Standard
                          1. Objective Standard
                            1. Subjective Considerations
                            2. Role of Custom
                              1. Industry Practices
                            3. Liability Rules and Incentives
                              1. No Liability Rule
                                1. Victim Bears Loss
                                  1. Incentive Effects
                                  2. Strict Liability
                                    1. Injurer Bears Loss
                                      1. Fault Irrelevant
                                        1. Incentive Effects
                                        2. Negligence Liability
                                          1. Fault-Based System
                                            1. Due Care Standard
                                              1. Incentive Effects
                                              2. Contributory Negligence
                                                1. Complete Bar to Recovery
                                                  1. Plaintiff Fault
                                                  2. Comparative Negligence
                                                    1. Apportionment of Damages
                                                      1. Pure vs. Modified Systems
                                                    2. Causation
                                                      1. Factual Causation
                                                        1. But-For Test
                                                          1. Substantial Factor Test
                                                        2. Damages in Tort Law
                                                          1. Compensatory Damages
                                                            1. Economic Losses
                                                              1. Non-Economic Losses
                                                                1. Restoring Pre-Injury Position
                                                                2. Punitive Damages
                                                                  1. Deterrence Function
                                                                    1. Punishment Function
                                                                      1. Economic Justification
                                                                    2. Specific Areas of Tort Law
                                                                      1. Products Liability
                                                                        1. Defective Products
                                                                          1. Consumer Protection
                                                                            1. Strict Liability vs. Negligence
                                                                            2. Medical Malpractice
                                                                              1. Standard of Care
                                                                                1. Professional Liability
                                                                                  1. Economic Analysis
                                                                                  2. Nuisance Law
                                                                                    1. Private Nuisance
                                                                                      1. Public Nuisance
                                                                                        1. Balancing Competing Uses

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                                                                                    5. The Economics of Contract Law

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                                                                                    7. The Economics of Criminal Law