ECONOMICS AND LAW
Learning outcomes of the course unit
The Economics & Law course examines the legal behaviours and juridical
norms in the broadest context of socio-economic and political institutions
to assess through social cost benefit analysis of institutional and
It aims at preparing lawyers to better understand how legal and institutional contexts modify incentives and affect socio-economic behaviours, as well as to assess legislations and institutions (for example
within the context of international organization, such as the World Bank,
IMF, EBRD, etc.).
The effectiveness of standards, laws and regulations necessarily depend
on the socio-economic behaviour of citizens, influenced by the incentives
created by implemented policies (e.g. their enforcement). The course will
provide an in-depth analysis of public institutions, devoting special
attention to efficiency and equity issues. Ample space will also be given
to property law, contracts, corporate theory and other legal questions.
The course is not very technical in its nature and is designed to provide
all the needed background information for a full understanding of the
economic issues covered
Course contents summary
1. INTRODUCTION TO LEGAL AND INSTITUTIONAL ECONOMIC ANALYSIS
2. EFFICIENCY EQUITY AND WELFARE.
3. PROPERTY LAW AND EXTERNALITY
4. LAW ENFORCEMENT
5. RISK ALLOCATION AND STRATEGIC BEHAVIOURS
6. THE ECONOMIC VALUE OF LIFE
7. INTELLECTUAL PROPERTY AND RESEARCH
8. COMPETITION AND ANTITRUST
9. CONTRACTS, INCENTIVE, REGULATION AND CORPORATE THEORY.
10. CIVIL RESPONSIBILITY AND OTHER LEGAL PROBLEMS
FRIEDMAN - David, Law's Order: What Economics Has to Do with Law and
Why It Matters, Princeton University Press
POSNER, R.A. Economic Analysis of Law, 7th edition, Woters Kluwer,
2007; or 7th ed. 2011
Notes,lecture notes and other informative material on the exam will be
made available during the course
Oral lessons, and seminars
Assessment methods and criteria
Written and oral exam.
The knowledge and understanding will be assessed with questions which require a short answer specifically aimed at verifying the knowledge of the concepts and principles discussed in the course.
The communication skills, the ability to apply the acquired knowledge through appropriate arguments and reflections and the autonomy of judgment will be assessed with open questions with graph, expositions and essays which require a logical and coherent articulation and integration of different notions acquired during the course.
Learning skills will be assessed on the basis of a comprehensive assessment to the different questions. The oral test may fill any gaps which eventually emerge in the written test.
Moreover, optional written and oral discussion of additional material may take place to gain a deeper evaluation.
The lectures cover the entire course content and are supplemented by
Individual help is also provided in Office Hours.