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activity administrative costs adverse possession bargaining behavior benefit breach buyer Chapter Coase Theorem commit compensation completely specified contract consider contributory negligence corrective justice courts coverage criminal law damage measure defendant deterrence discussed disutility economic enforcement example exceeds expectation measure expected harm expected sanction expected value factors firms harmful act imposing imprisonment incapacitation incentives income individuals induce injurers legal rules legal system less liability insurance likelihood magnitude of sanctions maximize monetary sanctions moral notions negligence rule nonmonetary sanctions notions of morality obtain optimal level optimal sanction outcome owner parties patent percent person plaintiff pollution possible problem production cost property rights punishment purchase reason reliance renegotiation result risk averse risk neutral seller settlement Shavell situation social costs social value social welfare socially desirable socially optimal specific performance strict liability suit Suppose tend tion tort trial undesirable utility vicarious liability victims wealth welfare economics
Page 678 - Anderson, Terry L. and Peter J. Hill. 1990. "The Race for Property Rights".
Page 688 - Expertise, contingent fees, and insufficient attorney effort", International Review of Law and Economics 20:21-33. Emons, W, and J. Sobel (1991), "On the effectiveness of liability rules when agents are not identical", Review of Economic Studies 58:375-390.
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