UCL Department of Economics


ECON3009 - Economics of Law

Term 2

Note: The contents of this course have changed substantially since last year. Please check the course outline on the moodle page for detailed information.


This module aims to provide an introduction to the economic analysis of institutions such as social norms, contracts, third party enforcement, property rights, and firms. Using the tools of microeconomic theory and game theory it aims at developing an understanding of institutions may emerge and be sustained. We will investigate the possibility of achieving efficient outcomes through contracting within a legal system based on property rights.


By the end of the module the student will have covered:

  • A game theoretic analysis of the emergence and dynamics of institutions.
  • Property rights, contracting and the theory of the firm
Taught by:
Ludwig Ensthaler
Assessment: 20 hours of lectures plus 4 problem sets.

Final assessment will be by a single 2-hour unseen written examination in Term 3. Affiliate students leaving in December will take a 2-hour written examination set up by the Department at the end of Term 2.

Suitable for:
3rd year Economics (L100) students. Also available to 3rd year Econ/Geog (LL17) and Phil/Econ (VL51) students.
Prerequisites: ECON2001: Microeconomics or equivalent. A good understanding of microeconomics (including basic game theory) and a working knowledge of basic calculus are required.
Moodle page: