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1 - 3 of 3 results for: LAW 7502: Economic Analysis of Law

LAW 7502: Economic Analysis of Law

This course will provide a broad overview of the scholarly field known as "law and economics." The focus will be on how legal rules and institutions can correct market failures. We will discuss the economic function of contracts and, when contracts fail or are not feasible, the role of legal remedies to resolve disputes. We will also discuss at some length the choice between encouraging private parties to initiate legal actions to correct externalities and governmental actors, such as regulatory authorities. Extensive attention will be given to the economics of litigation, and to how private incentives to bring lawsuits differ from the social value of litigation. The economic motive to commit crimes, and the optimal governmental response to crime, will be studied in depth. Specific topics within the preceding broad themes include: the Coase Theorem; the tradeoff between the certainty and severity of punishment; the choice between ex ante and ex post sanctions; negligence versus strict more »
This course will provide a broad overview of the scholarly field known as "law and economics." The focus will be on how legal rules and institutions can correct market failures. We will discuss the economic function of contracts and, when contracts fail or are not feasible, the role of legal remedies to resolve disputes. We will also discuss at some length the choice between encouraging private parties to initiate legal actions to correct externalities and governmental actors, such as regulatory authorities. Extensive attention will be given to the economics of litigation, and to how private incentives to bring lawsuits differ from the social value of litigation. The economic motive to commit crimes, and the optimal governmental response to crime, will be studied in depth. Specific topics within the preceding broad themes include: the Coase Theorem; the tradeoff between the certainty and severity of punishment; the choice between ex ante and ex post sanctions; negligence versus strict liability; property rules; remedies for breach of contract; and the American rule versus the English rule for allocating litigation costs. There is no formal economics prerequisite to take this course, though some prior training in economics will be helpful. Elements used in grading: Final exam (open-book) plus three short take-home problems during the quarter. Cross-listed with Public Policy ( PUBLPOL 302B). (For students interested in a shorter introduction to economic analysis of law, see Law 7503, "Introduction to Law and Economics," which is a one-unit course also offered during the winter quarter that is graded on a mandatory pass-fail basis.)
Terms: Win | Units: 3
Instructors: Polinsky, A. (PI)

LAW 7503: Introduction to Law and Economics

This course will introduce students to the "law and economics" way of thinking about the legal system. It is designed primarily for students who have little or no prior training in economics and who are unlikely to take more advanced courses in the field (such as the 3 unit Law 7502, "Economic Analysis of Law"). This class will meet for six 1.5 hour sessions during the first part of the quarter. We will focus on the core bodies of law taught to first-year law students: tort law, contract law, property law, criminal law, and civil procedure. For each of these bodies of law, the economic approach will be described in non-technical terms and then this approach will be used to examine a key case or key issue within that body of law. First-year law students are especially welcome in this course. There are no prerequisites to take this course. Elements used in grading: Two short take-home exercises (graded on a mandatory pass-fail basis).
Terms: Win | Units: 1
Instructors: Polinsky, A. (PI)

PUBLPOL 302B: Economic Analysis of Law

(Same as LAW 7502.) This course will provide a broad overview of the scholarly field known as "law and economics." The focus will be on how legal rules and institutions can correct market failures. We will discuss the economic function of contracts and, when contracts fail or are not feasible, the role of legal remedies to resolve disputes. We will also discuss at some length the choice between encouraging private parties to initiate legal actions to correct externalities and governmental actors, such as regulatory authorities. Extensive attention will be given to the economics of litigation, and to how private incentives to bring lawsuits differs from the social value of litigation. The economic motive to commit crimes, and the optimal governmental response to crime, will be studied in depth. Specific topics within the preceding broad themes include: the Coase Theorem; the tradeoff between the certainty and severity of punishment; the choice between ex ante and ex post sanctions; neg more »
(Same as LAW 7502.) This course will provide a broad overview of the scholarly field known as "law and economics." The focus will be on how legal rules and institutions can correct market failures. We will discuss the economic function of contracts and, when contracts fail or are not feasible, the role of legal remedies to resolve disputes. We will also discuss at some length the choice between encouraging private parties to initiate legal actions to correct externalities and governmental actors, such as regulatory authorities. Extensive attention will be given to the economics of litigation, and to how private incentives to bring lawsuits differs from the social value of litigation. The economic motive to commit crimes, and the optimal governmental response to crime, will be studied in depth. Specific topics within the preceding broad themes include: the Coase Theorem; the tradeoff between the certainty and severity of punishment; the choice between ex ante and ex post sanctions; negligence versus strict liability; property rules; remedies for breach of contract; and the American rule versus the English rule for allocating litigation costs. Because this course is taught jointly with Law 7502 in the Law School, it will not be mathematically oriented; there are no prerequisites to take the course.
Terms: Win | Units: 3
Instructors: Polinsky, A. (PI)
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