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Regulation versus Litigation

Perspectives from Economics and Law

The efficacy of various political institutions is the subject of intense debate between proponents of broad legislative standards enforced through litigation and those who prefer regulation by administrative agencies. This book explores the trade-offs between litigation and regulation, the circumstances in which one approach may outperform the other, and the principles that affect the choice between addressing particular economic activities with one system or the other. Combining theoretical analysis with empirical investigation in a range of industries, including public health, financial markets, medical care, and workplace safety, Regulation versus Litigation sheds light on the costs and benefits of two important instruments of economic policy.

344 pages | 19 line drawings, 54 tables | 6 x 9 | © 2011

National Bureau of Economic Research Conference Report

Economics and Business: Business--Business Economics and Management Studies

Law and Legal Studies: Law and Economics

Table of Contents


Daniel P. Kessler

1. Regulation (Agencies) versus Litigation (Courts): An Analytical Framework
Richard A. Posner

2. Efficient Regulation
Andrei Shleifer

3. The Trouble with Cases
Frederick Schauer and Richard Zeckhauser

4. Tobacco Regulation through Litigation: The Master Settlement Agreement
W. Kip Viscusi and Joni Hersch

5. Gun Control after Heller: Litigating against Regulation
Philip J. Cook, Jens Ludwig, and Adam Samaha

6. The Effects of Product Liability Exemption in the Presence of the FDA
Tomas J. Philipson, Eric Sun, and Dana Goldman

7. The Impact of Employment Protection on Workers Disabled by Workplace Injuries
Adam H. Gailey and Seth A. Seabury

8. Opting Out of Workers’ Compensation in Texas: A Survey of Large, Multistate Nonsubscribers
Alison Morantz

9. M&A Break Fees: U.S. Litigation versus UK Regulation
John C. Coates IV

10. Exploring Ex Ante Regulatory Mechanisms for Detecting Prescription Drug Misuse
Stephen T. Parente

11. Natural Disaster Management: Earthquake Risk and Hospitals’ Provision of Essential Services in California
Tom Chang and Mireille Jacobson

Author Index
Subject Index

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