Traditional economic analyses of the reserve clause in major league baseball view it as having arisen from the superior bargaining of owners compared to players. This article interprets it instead as promoting efficient investment by teams in player development, given the transferability of...

This chapter examines the economics of property rights and property law. It shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter examines both the rationale for legal doctrine, and the effects...

The notion that damages should be multiplied by the reciprocal of the probability of punishment is one of the basic lessons of the law and economics literature. However, the simple "1/p</EM>" multiplier turns out be inapplicable in the civil damages setting. The multiplier that brings about...

The eminent domain clause of the U.S. Constitution concerns the limits of the government's right to take private property for public use. The economic literature on this issue has examined (1) the proper scope of this power as embodied by the "public use" requirement, (2) the appropriate...

Standard models of law enforcement involve the apprehension and punishment of a single suspect, but in many contexts, punishment is imposed on an entire group known to contain the offender. The advantages of group punishment are that the offender is punished with certainty and detection costs...