This Article is the first comprehensive study of how American courts have resolved conflicts of laws arising from cross-border torts over the last four decades. This period coincides with the confluence of two independent forces: (1) a dramatic increase in the frequency and complexity of...

When is it socially advantageous for legal rules to be changed in the light of altered circumstances? In answering this basic question here, a simple point is developed - that past compliance with legal rules tends to reduce the social advantages of legal change. The reasons are twofold:...

In this second edition of The Economics of Law, an introduction to, and overview of, the economic analysis of law is provided. The text covers the history of the economics of law, the difference between economic and legal reasoning, basic economic concepts, and application of economics to tort...

The EU Emissions Trading Scheme (EU ETS) is the main instrument to reduce greenhouse gas emissions in Europe. Subject to a country specific limit, installations in the EU ETS can use EU allowances (EUA) and certified emissions reductions (CERs) generated through the Clean Development Mechanism...

The EU Emissions Trading Scheme (EU ETS) is the main instrument to reduce greenhouse gas emissions in Europe. Subject to a country specific limit, installations in the EU ETS can use EU allowances (EUA) and certified emissions reductions (CERs) generated through the Clean Development Mechanism...

In this Article, we focus on an important problem involving mass-accident cases that was highlighted by the Deepwater Horizon litigation: overuse of courts to enforce contribution claims. These claims seek to shift incurred or expected liability and damages between the business and governmental...

This article was prepared as a contribution to the Chapman Law Review's symposium on “Libertarian Legal Theory.” While libertarian legal theory and law and economics share many affinities there are places in which both the method of the common law and the substantive rules of the common law...

This paper consists of the introductory chapter of a forthcoming book, The Economic Dynamics of Law (Cambridge University Press 2012). The book proposes a macroeconomic approach to law as suitable for creating rules embodying normative commitments over long time periods. This chapter explains...

This paper is in two parts. The first part is a report written in 1989 for the UK Department for Transport (DTp) to consider the way non fatal accidents should be treated in project evaluations. At the time, the DTp had adopted an economic approach to the costing of fatalities based on the...