The theory of insurance is considered here when an insured individual may be able to sue another party for the losses … feature of optimal insurance contracts because they relieve litigation-related risks and result in lower premiums — financed …

-bearing and insurance, and the costs of the liability system. Second, we consider property law, where we address the nature and … property, and intellectual property. Third, we examine contract law, including the formation of contracts, their interpretation … covered. The first is legal liability for harm. Here we discuss liability rules as incentives to reduce risk, issues of risk …