Rebuttal #1: Serious, sophisticated economic analyses do not make such mistakes

It is misleading and unfair to treat Landes' and Posner's analysis of premises liability as representative. It is true that they leave out many important factors, but more sophisticated economists take such things into account. For example, several of the exemplars of wealth-maximization analysis included in our description of the methodology incorporate concerns of just this sort. Even if it were valid, this critique would not suggest that we abandon economic analysis; rather, it should urge us to deepen and broaden our economic analyses.

A more detailed rebuttal along these general lines is provided by Robert Ellickson in the attached interview excerpt.

Surrebuttal.