Neoclassical economic theory seems to aptly characterize contract law’s essence. Contracts enable two parties to reach a mutually beneficial agreement, thereby facilitating economically efficient transactions. It would seem to follow that the achievement of economic efficiency serves as...

Parties often exchange promises of future performance with one another. Legal systems frame and regulate contracts involving the exchange of bilateral promises of future performance differently from one another. Two conceptual and practical questions often arise in these bilateral situations....

The following article is a contribution to the discussion about how the basic postulates of the Economic Analysis of Law can be aligned and thus, how such an alignment can consistently strengthen some of the most traditional institutions of the Law, particularly, the principle of good faith as a...

This essay revisits the economic theory of fiduciary law. Nearly two decades have passed since the publication of the seminal economic analyses of fiduciary law by Cooter and Freedman (1991), and by Easterbrook and Fischel (1993), which together have come to underpin the prevailing economic,...

This chapter in the book PIONEERS OF LAW AND ECONOMICS explores the contributions of Benjamin Klein to law and economics. I explore the intellectual foundations of Klein's pioneering analysis of the hold-up problem, the theory of the firm, vertical restraints, franchising, and the role of...

Behavioral economics has been a growing force in many fields of applied economics, including public economics, labor economics, health economics, and law and economics. This paper describes and assesses the current state of behavioral law and economics. Law and economics had a critical (though...

This article seeks to provide a unified framework to the disparate treatment that post-employment covenants receive in federal and state courts. Plaintiffs seeking relief from (or enforcement of) such covenants in federal courts typically are subjected to an antitrust analysis known as the rule...

This paper contains the conclusions from the work of the Economic Impact Group (EIG), a part of the CoPECL Network of Excellence funded by the EU to prepare a Draft Common Frame of Reference (DCFR). Part 1 revisits basic principles which are central to the work of the whole group. For one,...

This is a survey of the field of economic analysis of law, focusing on the work of economists. The survey covers the three central areas of civil law - liability for accidents (tort law), property law, and contracts - as well as the litigation process and public enforcement of law