The Oxford Handbook of Law and Economics: Volume 1: Methodology and Concepts

609 Pages·2017·2.864 MB·English

by  Francesco Parisi

The Oxford Handbook of Law and Economics: Volume 1: Methodology and
Concepts
The Oxford Handbook of Law and Economics: Volume 1:
Methodology and Concepts  
Francesco Parisi
The Oxford Handbook of Law and Economics: Volume 1: Methodology and
Concepts
Edited by Francesco Parisi
Print Publication Date: Apr 2017 Subject: Economics and Finance
Online Publication Date: May 2017
(p. iv)
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ISBN 978–0–19–968426–7 (Volume 1)
Page 1 of 2
The Oxford Handbook of Law and Economics: Volume 1: Methodology and
Concepts
ISBN 978–0–19–968420–5 (Volume 2)
ISBN 978–0–19–968425–0 (Volume 3)
ISBN 978–0–19–880373–7 (Set)
Printed and bound by
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Page 2 of 2
List of Figures
List of Figures  
Francesco Parisi
The Oxford Handbook of Law and Economics: Volume 1: Methodology and
Concepts
Edited by Francesco Parisi
Print Publication Date: Apr 2017 Subject: Economics and Finance
Online Publication Date: May 2017
List of Figures
(p. ix)
2.1 The General Transaction Structure 22
11.1 Horizontal Policy Competition 229
11.2 Horizontal Policy Competition with Law Instruments 230
11.3 Two-Dimensional Horizontal Policy Competition with Law 231
11.4 Vertical Policy Competition with Legal Doctrines (Rules and Standards) 233
11.5 Vertical Policy Competition with Law Decision Instruments 236
11.6 Internal Policy Competition with Doctrines 240
(p. x)
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List of Tables
List of Tables  
Francesco Parisi
The Oxford Handbook of Law and Economics: Volume 1: Methodology and
Concepts
Edited by Francesco Parisi
Print Publication Date: Apr 2017 Subject: Economics and Finance
Online Publication Date: May 2017
List of Tables
(p. xi)
5.1 Sample Decision Structure 91
17.1 Mention of “Benefit–Cost” or “Cost Benefit” in Legal Cases 356
17.2 Law Review and Related Journals: Number of Articles with the Term “Cost Ben­
efit” or “Benefit Cost” 356
17.3 The Measurement of Benefits and Costs in Terms of Gains and Losses 359
17.4 Present Values of One Million 360
17.5 Basic Steps in Benefit–Cost Analysis 361
17.6 Coleman’s Preference Reversal Example 369
17.7 Certainty Equivalent Rates Within the Burgess–Zerbe Range 374
24.1 An Example of the Doctrinal Paradox 508
(p. xii)
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List of Contributors
List of Contributors  
Francesco Parisi
The Oxford Handbook of Law and Economics: Volume 1: Methodology and
Concepts
Edited by Francesco Parisi
Print Publication Date: Apr 2017 Subject: Economics and Finance
Online Publication Date: May 2017
List of Contributors
(p. xiii)
The late Gary Becker
Brian H. Bix University of Minnesota Law School
John Bronsteen Loyola University Chicago School of Law
Christopher Buccafusco Cardozo School of Law, Yeshiva University
Emanuela Carbonara University of Bologna
Giuseppe Dari-Mattiacci University of Amsterdam
Gerrit De Geest Washington University, St. Louis
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List of Contributors
David M. Driesen Syracuse University College of Law
Daniel A. Farber University of California, Berkeley
Jonah B. Gelbach Professor of Law, University of Pennsylvania
Werner Güth Max Planck Institute of Economics
Charles A. Holt University of Virginia
Christine Jolls Yale Law School
Jonathan Klick University of Pennsylvania Law School
Robin Paul Malloy Syracuse University College of Law
Jonathan S. Masur University of Chicago Law School
Thomas J. Miceli University of Connecticut
Pam A. Mueller Princeton University
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List of Contributors
Janice Nadler Northwestern Pritzker School of Law
Shmuel Nitzan Bar Ilan University
Jacob Paroush Bar Ilan University
Richard Posner United States Seventh Circuit Court of Appeals and University of
Chicago Law School (p. xiv)
Shruti Rajagopalan State University of New York
Mario J. Rizzo New York University
Chris William Sanchirico University of Pennsylvania Law School
Sean P. Sullivan Federal Trade Commission
Emerson H. Tiller Northwestern University
Tom R. Tyler Yale Law School
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List of Contributors
Georg Vanberg Duke University
Viktor Vanberg Albert Ludwigs Universitaet, Freiburg
Stefan Voigt University of Hamburg
Georg von Wangenheim University of Kassel
Tess Wilkinson-Ryan University of Pennsylvania Law School
Donald Wittman University of California, Santa Cruz
Richard O. Zerbe University of Washington
Page 4 of 4
The Future of Law and Economics
The Future of Law and Economics  
Gary S. Becker and Richard A. Posner
The Oxford Handbook of Law and Economics: Volume 1: Methodology and
Concepts
Edited by Francesco Parisi
Print Publication Date: Apr 2017
Subject: Economics and Finance, Law and Economics, Econometrics, Experimental and Quanti­
tative Methods
Online Publication Date: May 2017 DOI: 10.1093/oxfordhb/9780199684267.013.002
Abstract and Keywords
This exchange between Judge Posner and Professor Becker — two founding fathers of our
discipline — was composed almost three years ago, but the perspective and wisdom of
this exchange remains most relevant to this day. Since then, Professor Becker has died;
Judge Posner has added a brief remembrance of Becker at the end of this exchange.
Keywords: law and economics movement, Chicago school, Gary Becker, Richard Posner
THIS exchange between Judge Posner and Professor Becker—two founding fathers of our
discipline—was composed almost three years ago, but the perspective and wisdom of this
exchange remains most relevant to this day. Since then, Professor Becker has died; Judge
Posner has added a brief remembrance of Becker at the end of this exchange.
POSNER: The future of an evolving academic field belongs to the young. They
know what their elders know, and their careers depend on their being able to
build on existing knowledge in creative ways. The old are likely to be in a defen­
sive crouch, fearing that the young will build their careers in part on rejecting, or
at best superseding, the work of their elders. So, in reading what follows: caveat
emptor. The modern field of “law and economics” (that is, of economic analysis of
law) dates from the 1960s. Until then, Jeremy Bentham’s economic analysis of
criminal law having been forgotten, economics was thought relevant to only a few
fields of law, all commercial—antitrust law, public utility and common carrier regu­
lation, and tax law. By the end of the 1960s, as a result of articles (and the occa­
sional book) by William Baxter, Gary Becker, Guido Calabresi, Ronald Coase,
Harold Demsetz, William Landes, Henry Manne, and others, economics was un­
derstood to be relevant to the entire domain of the law—relevant both to under­
standing the law (positive analysis) and to reforming it (normative analysis). That
was half a century ago. In the intervening period the evolution of law and econom­
ics has been shaped by a number of forces: the increased mathematization of eco­
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