This article addresses the question of what economic efficiency is and why a proper understanding of it affects the economic efficiency claim that is made for common law. This understanding shows that a good deal of the criticism of the efficiency claim in fact are consistent with it. Justice...

Since 1979 Research in Law and Economics has been presenting original research that explores the extent to which the constraints of law explain economic behavior and the role of economics in forming the law. The first chapter in this volume proposes three different definitions for market power...

In recent years there has been a debate over whether or not moral sentiments should be included in normative economic analysis. This paper compares the standard normative criteria for benefit cost analysis, Kaldor-Hicks, that does not include moral sentiments with a modification that does called...

All general rules for behavior or valuation and for law itself break down under some circumstances. The law struggles with this sort of issue in the law of necessity, in assigning rights, in valuation, in considering burdens of proof with incomplete information, and in developing common law....

Written by leading experts in the field, each chapter in this book examines in depth a topic in law and economics. John Connor begins by describing and evaluating the results of his extensive survey of reports of cartel overcharges. Dennis Weisman models the price effects of mergers that not...