Course Outline
Law & Economics
I. Introduction C&U 1,2,3 P 1,2,7
- Introduction to law and economics
- Introduction to the American legal system
- Review of economic theory and mathematical techniques
II. Property Rightsn C&U 4,5 P 3,4
- Establishing and allocating of ownership rights
- Restraints on property and remedies for violations
- Conflicting property rights and externalities
- The Coase Theorem
- Intellectual property
III. Contracts C&U 6,7 P 5,8
- Cooperation, Commitment, and Game Theory
- Bargaining, transaction costs, and market failure
- Models of remedies
- Performance Excuses
- IV. Torts C&U 8,9 P 6,9
- Theories of tort liability and Incentives for precaution
- Issues and examples in product liability
- The role of uncertainty and insurance
V. Crime and Punishment C&U 11,12 P 10
- Defining criminal intent and public harm
- The "rational criminal" and optimal deterrence
- The relative costs of imprisonment and fines
VI. Topics in Law and Economics
- Economic analysis of suit, settlement, and trial C&U 10 P 14
- Revisiting efficiency P 15-17