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Economics of bankruptcy economic approaches to law series edward r morrison on amazoncom free shipping on qualifying offers this collection brings together a wide range of seminal contributions to the economic literature on bankruptcy its value added is the structure which the editor has imposed. This paper begins the project of enriching the economic analysis of bankruptcy law through behavioral economics empirical research has consistently identified deviations from rationality in the subjects studied one cannot mechanically attribute these to firms rather firms may well be set up to . Different approaches to bankruptcy oliver hart nber working paper no 7921 issued in september 2000 nber programscorporate finance in the last fifteen years or so lawyers working in law and economics and economists with an interest in legal matters have turned their attention to the topic of bankruptcy. Law and economics or economic analysis of law is the application of economic theory specifically microeconomic theory to the analysis of law that began mostly with scholars from the chicago school of economicseconomic concepts are used to explain the effects of laws to assess which legal rules are economically efficient and to predict which legal rules will be promulgated. Economics of corporate and personal bankruptcy law michelle j white ucsd and nber bankruptcy is the legal process by which financially distressed firms individuals and occasionally governments resolve their debts the bankruptcy process for firms plays a central role in economics because competition tends to drive inefficient firms out of