Econ 522 – Economics of Law – Spring 2012

 

 
 
Lectures:
Mondays and Wednesdays, 2:30-3:45 p.m., Social Science 5106
 
 
Professor:
Dan Quint, dquint@ssc.wisc.edu
 
7428 Social Science, 263-2515
Office hours: Tuesdays 1:30-3:30 p.m., other times by appointment
 
 
Teaching Assistant:
Fran Flanagan, fflanagan@wisc.edu
6443 Social Science
Office hours: Mondays 12:15-2:15 p.m.
 
 
Exam Dates:
Two in-class midterms, Feb 29 and March 26, held in Birge Hall 145
Final exam Monday, May 14, 10:05 a.m.-12:05 p.m., in Social Science 6210
 
 
Office Hours Between Now and the Final:
Monday 5/7           Fran, 12:15-2:15 p.m.
Tuesday 5/8          Prof. Quint, 1:30-3:30 p.m.
Wednesday 5/9     Prof. Quint, 2-4 p.m.
Thursday 5/10       Prof. Quint, 2-4 p.m.
Friday 5/11            Fran, 1-3 p.m.
 
 
Syllabus
 
Homework 1 – efficiency                    due 11:59 p.m., Thursday February 9 via Learn@UW
Homework 2 – property law               due 11:59 p.m., Thursday February 23 via Learn@UW
Homework 3 – contract law                due 11:59 p.m., Thursday March 15 via Learn@UW
Homework 4 – torts, legal process, criminal law             due 11:59 p.m., Thursday May 3 via Learn@UW
 
 
Sample exam problems from past semesters, and an answer to one of them.
 
Practice problems for Monday May 7.
 
 
Slides/Lecture Notes
 
introductory material
 
Lecture 1 – overview, the Common and Civil Law traditions, whales and baseballs
Lecture 2 – efficiency – what is it, and do we want it?
               Optional (ungraded) homework problem for next Monday
Lecture 3 – static game theory, motivating property law
 
property law
 
Lecture 4 – the Coase Theorem; Demsetz on when property rights will expand
Lecture 5 – normative Coase and normative Hobbes; Calabresi and Melamed on remedies
Lecture 6 – more on efficient property law design; sequential rationality
Lecture 7 – intellectual property
Lecture 8 – establishing and losing property rights; remedies; limitations and exceptions to property rights
Lecture 9 – more limitations on property rights: regulation and eminent domain
 
contract law
 
Lecture 10 – motivating contract law; the bargain theory; breach of contract
Lecture 11 – reliance; default rules; regulations
Lecture 12 – when should a contract not be enforced?
Lecture 13 – more ways to get out of a contract; more on remedies for breach
Lecture 14 – penalty vs liquidated damages; examples of incentives; repeated interactions
Lecture 15 – endgame problems in repeated games; motivating tort law
 
tort law
 
Lecture 16 – precaution, activity, incentives under various liability rules
Lecture 17 – more on incentives under various liability rules; the Hand Rule, effects of errors
Lecture 18 – extensions to the basic model
Lecture 19 – value of a statistical life; punitive damages; facts about the US tort system
 
legal process
 
Lecture 20 – the legal process itself
Lectures 21 and 22 – criminal law
 
other stuff
 
Lecture 23 – behavioral economics and the law
Lecture 24 – efficiency revisited, conclusion
 
 
Section Handouts
 
Section 1 (Jan 27)
Section 2 (Feb 3)
Section 3 (Feb 10)
Section 4 (Feb 17)
Contract Law handout 1 (Mar 9)
Contract Law handout 2 (Mar 16)
Tort Law handout 1 (Apr 13)
Tort Law handout 2 (Apr 20)
Criminal Law handout (Apr 27)
 
Review Problems
Review Solutions
 
 
You can also check out the course materials from last semester, the course will be very similar.