Where modules run over two terms as a 30 credit module, SIL students will attend and be assessed on the contents of term 1. Please note that some modules reflect this with an additional "A" in their module code, but this is not the case for all of them due to special assessment arrangements for SIL students.
All assessments are graded on a pass/fail basis.
ECONOMIC ANALYSIS OF LAW (LAWSG111)
Credit value: 15 credits (6 ECTS) |
Module Convenor:
Dr. Florian Wagner-von Papp |
| Intercollegiate teaching: No |
| Teaching Method: 10 x two-hour seminars |
| Who may enrol: LLM students, SIL students |
| Prerequisites: None |
| Barred module combinations: None |
| Core module for specialism: Law and Economics, Jurisprudence and Legal Theory |
| Assessment |
| Practice Assessment: voluntary exam |
| Assessment method for Masters students: 2-hour unseen written examination |
| Assessment method for SIL students: 2-hour unseen written examination |
| Module Overview |
Module 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 empirical economics. 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, corporate governance, and discrimination. We will also discuss the rationality assumptions underlying much of the literature, as well as the relationship between 'efficiency' and 'justice', and between 'efficiency' and 'distribution'.
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Module 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
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Recommended materials
There is no ‘set book’ for this module; many resources can be found online (for examples, see below in the preliminary reading list). However, for many seminars readings from the following books will be assigned:
Robert Cooter & Thomas Ulen, Law and Economics (5th edn., Pearson 2008)
Jackson, Kaplow, Shavell, Viscusi & Cope, Analytical Methods for Lawyers (Foundation Press 2003)
Richard A. Posner, Economic Analysis of Law 7th edn (Wolters Kluwer 2007)
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Preliminary reading
Cento Veljanovski The Economics of Law 2nd edn (iel 2006), available online http://ssrn.com/abstract=935952 (esp. pp. 44-80)
Posner, see above, Ch. 1 & 2 |
| Other information: N/A |
| Prizes for this module: There are currently no prizes available for this module. |
