Modules

Prerequisites

Contents

• Fundamentals of the theory of private property rights a) Historical development of private property b) Theories of the emergence of private property rights c) Economic analysis of common-pool resources d) Property rights in intangible assets • Economic analysis of contract law a) Complete and incomplete contracts b) Moral hazard and adverse selection c) Efficient responses to contract breaches • Economic analysis of tort law a) The Coase theorem b) Economic analysis of liability rules • Economic analysis of criminal law a) Differentiating between tort law and criminal law b) Deterrence effects of criminal law c) Optimal deterrence effects • Constitutional economics a) Fundamentals of the economic theory of public law b) Empirical analysis of the economic effects of constitutional rules

Learning outcomes

Students will gain an overview of the field of economic analysis of law, which involves analyzing legal rules from the perspective of economic theory. It focuses on the interaction of legal norms with the actions of private households and companies, as well as the impact of constitutional law on government actions. Students should learn to analyze legal norms in terms of their efficiency and economic effects, including microeconomic efficiency, as well as growth and distribution effects. They should also be able to assess why specific legal norms have developed historically as we know them today.

Assessment

• exam, 30 min. (mid-term, 30 points) • exam, 70 min. (final, 70 points)