The economic analysis of law is an interdisciplinary field that analyses the implications of the legal framework from an economic point of view, offering a theory of behavior that allows to anticipate the agents¿ response to legal changes, and hence identify the effect on distribution, efficiency, etc., of alternative policies.
The course is mainly applied, focusing on a variety of questions related to the efficiency of the legal framework such as how the regulation of property rights (private, public, regulated, etc.) affect economic efficiency; which sanctions for disobeying contracts generate more efficient outcomes; in which situations explicit security standards are more efficient that the application of a system of accident¿s responsibilities, or vice versa; etc.
By the end of the semester, the student will be able to:
- Understand and anticipate the decisions of market participants in response to changes in the legal framework.
- Evaluate the impact of changes in the legal framework on the operation of markets.
- Determinate how the imperfections in the functioning of markets affect the conclusions of standard equilibrium analysis.
-Use the instruments of economic analysis to deal with interdisciplinary problems.
-Interpret the law and evaluate the consequences of legislative changes in a variety of contexts.
-Distinguish alternative methods for the analysis of contracts in the presence of civil responsibility and externalities.
-Search, communicate and disseminate relevant information over alternative decisions.
-Apply multidisciplinary knowledge to the analysis of social problems.
-Work cooperatively in order to reach high quality standards in the analysis and presentation of professional work. Skills. The students who take the course will develop:
- A critical view of the effects of changes in the legal framework and its economic and social consequences.
- An awareness of the difficulties of reconciling alternative desirable objectives in the design of legal systems.