With a plane closed convex curve, T, we associate two area preserving
twist maps: the (classical) inner billiard in T and the outer billiard
in the exterior of T. The invariant circles of these twist maps corre
spond to certain plane curves: the inner and the outer caustics of T.
We investigate how the shape of T determines the possible location of
caustics, establish the existence of open regions which are free of ca
ustics, and estimate from below the size of these regions in terms of
the geometry of T.