The Economic Analysis of Law

Catalog description

Microeconomic theory is used to analyze the law and legal procedures. Although one purpose of the law is to resolve disputes between individuals, this course will focus on analyzing the incentives that the law gives rational individuals. Economic models are applied to four basic areas of law: property, contract, tort (accident), and criminal law. In addition, economic models are applied to the formation of the law and to legal institutions. May be taught concurrently with ECO 635. Cannot receive credit for both ECO 435 and ECO 635. Prerequisite: ECO 165 ; and undergraduate business majors must be admitted to degree program.