We study a class of two-variable polynomials called exact polynomials which contains $A$-polynomials of knot complements. The Mahler measure of these polynomials can be computed in terms of a volume function defined on the vanishing set of the polynomial. We prove that the local extrema of the volume function are on the two-dimensional torus and give a closed formula for the Mahler measure in terms of these extremal values. This formula shows that the Mahler measure of an irreducible and exact polynomial divided by $\pi$ is greater than the amplitude of the volume function. We also prove a K-theoretic criterion for a polynomial to be a factor of an $A$-polynomial and give a topological interpretation of its Mahler measure.

In this paper, we extend the definition of the $SL\left( 2,\,\mathbb{C} \right)$ Casson invariant to arbitrary knots $K$ in integral homology 3-spheres and relate it to the $m$ -degree of the $\widehat{A}$ -polynomial of $K$ . We prove a product formula for the $\widehat{A}$ -polynomial of the connected sum ${{K}_{1}}\#{{K}_{2}}$ of two knots in ${{S}^{3}}$ and deduce additivity of the $SL\left( 2,\,\mathbb{C} \right)$ Casson knot invariant under connected sums for a large class of knots in ${{S}^{3}}$ . We also present an example of a nontrivial knot $K$ in ${{S}^{3}}$ with trivial $\widehat{A}$ -polynomial and trivial $SL\left( 2,\,\mathbb{C} \right)$ Casson knot invariant, showing that neither of these invariants detect the unknot.