UCL FACULTY OF LAWS

LLM Programme

The taught modules offered on the LLM programme vary from year to year. Please check the full list of taught modules list for details of modules running in specific academic years. We make every effort to ensure that every module will be offered, but modules are subject to change and cancellation. You are therefore advised to check this site regularly for further updates throughout the year preceding entry to the LLM programme.


ECONOMIC ANALYSIS OF LAW (LAWSG111)
Credit value: 15 credits (6 ECTS)
Module Convenor:
Dr. Florian Wagner-von Papp
Other Teachers:
N/A
Content

Summary:

This module is an introduction to the principles and methods of the Economic Analysis of Law (also called Law & Economics). This approach has had a tremendous impact not only on legal academic writing, but also on legal practice. Commercial lawyers in today's world need at least a basic knowledge of the tools used in the economic analysis of law.

Without assuming any prior knowledge in economics, we will look at diverse tools of economic analysis, such as microeconomic analysis, basic game theory, and basic statistics. We will then apply these tools to various legal problems ranging from common law subjects, such as contract and tort, to certain regulatory issues, such as antitrust and corporate governance.

In the last seminars, will discuss the rationality assumptions underlying much of the literature, as well as the relationship between 'efficiency' and 'justice', and between 'efficiency' and 'distribution'.

Syllabus:

  1. Introduction & Basic Concepts
  2. Coase Theorem, Assigning Property Rights, and Property v. Liability Rules
  3. Tort Law & Economics
  4. Contract Law & Economics
  5. Corporate Law & Economics
  6. Competition Law & Welfare Theory: Perfect Competition v. Monopoly
  7. Competition Law & Game Theory: Cartels and Oligopoly
  8. A Basic Introduction to Statistics & Empirical Legal Studies
  9. Efficiency, Wealth Distribution and Efficiency
  10. Behavioural Law & Economics + Revision

Background Reading (optional):

For a first idea of what the Economic Analysis of Law is, please have a look at the following excerpt (download from ssrn is free): Cento Veljanovski The Economics of Law 2nd edn (iel 2006), available online http://ssrn.com/abstract=935952 (esp. pp. 44-80)

For those who want to read more: read the introductory chapter of the “classic” volume on the Economic Analysis of Law:

Richard A. Posner, Economic Analysis of Law 9th edn (Wolters Kluwer 2014) Ch. 1 & 2

Module reading lists and other module materials will be provided via online module pages, once students have made their module selections upon enrolment in September.

Delivery and enrolment
Lectures/Seminars: 10 x two-hour seminars
Tutorials: Yes
Previous module enrolments: Medium – 16-50 students
Who may enrol: LLM students
Prerequisities: None
Barred module combinations: None
Core Module for LLM specialism: Law and Economics, Jurisprudence and Legal Theory
Assessment
Final Assessment: 2-hour unseen written examination
Practice Assessment: One marked problem question (in addition, previous exam papers will be discussed in the tutorials)

This page was last updated on 10 July, 2014

APPLICATION NOTICES

The application process for the 2014-15 academic session, for entry in September 2014, is now closed.

Information regarding applications for September 2015 will be updated on the website in September 2014.

IMPORTANT NOTICE : Updated 28 May 2014

The Home Office issued an update about the acceptance of ETS tests (including TOEFL). They have now confirmed that Higher Education students applying for a Tier 4 visa may use a TOEFL test taken after 17 April, if a Higher Education Institution is willing to use its academic discretion. For those students entering in September 2014, UCL will continue to accept the TOEFL even if it was taken after 17 April. However, if an applicant still needs to book a test then we recommend that they take an alternative test to TOEFL. Those who have already arranged to take a different test following the previous advice from the Home Office, we encourage you to go ahead with taking the alternative test.

The TOEFL test will continue to be accepted for 2014 entrants who have been asked to take an English language qualification as part of their offer condition, and do not need to apply for a visa to study in the UK.