This timely book surveys seminal contributions to the economics of bankruptcy. It offers a comprehensive compilation of work by both legal scholars and economists working in the fields of corporate and consumer finance. An original introduction, written by the editor, provides a commentary on...

Part I. Property rules and liability rules -- Property rules, liability rules and inalienability : one view of the cathedral / Guido Calabresi and A. Douglas Melamed -- Property rights and liability rules : the ex ante view of the cathedral / Lucian Arye Bebchuk -- Modular liability rules /...