New Directions in Law and Economics

This subject has the following teaching availabilities in 2008:

Objectives:

A candidate who has successfully completed the subject should:

• Understand how scholars have used the tools of economics to analyse legal rules
• Be familiar with the traditional rational choice paradigm and its characteristic predictions about human behaviour
• Appreciate the breadth and depth of the influence that economic reasoning has had on legal scholarship and jurisprudence since the middle of the 20th century
• Know the ways in which human behaviour systematically and predictably deviates from the predictions of rational choice theory
• Understand recent contributions to the field of behavioural law and economics that aim to improve our predictive ability
• Be able to discuss and criticise law journal articles and judicial opinions that rely on economic reasoning
• Develop some original insight into the questions we have addressed.

Syllabus:

Principal topics will include:

• Introduction to the rational choice paradigm that has dominated the field of law and economics since its inception in the middle of the 20th century
• Consideration of both the theoretical structure and practical importance of economic reasoning in the field of law
• Consideration of a broad set of challenges to the rational choice paradigm that can be grouped loosely under the rubric of behavioural law and economics
• Situations in which individuals fail to behave as rational, self-interested utility maximisers
• Consideration of whether these new behavioural theories provide a sufficiently firm theoretical foundation to be used to design or reform legal regulations
• Candidates will have ample opportunities to apply these theories to legal subjects that interest them.

• Class participation (10%)
• Class presentation (10%)
• Research paper 8,000 words (80%) (31 July) (topic approved by the subject coordinator)

This subject is not available as a breadth subject.

Objectives:

A candidate who has successfully completed the subject should:

• Understand how scholars have used the tools of economics to analyse legal rules
• Be familiar with the traditional rational choice paradigm and its characteristic predictions about human behaviour
• Appreciate the breadth and depth of the influence that economic reasoning has had on legal scholarship and jurisprudence since the middle of the 20th century
• Know the ways in which human behaviour systematically and predictably deviates from the predictions of rational choice theory
• Understand recent contributions to the field of behavioural law and economics that aim to improve our predictive ability
• Be able to discuss and criticise law journal articles and judicial opinions that rely on economic reasoning
• Develop some original insight into the questions we have addressed.

Syllabus:

Principal topics will include:

• Introduction to the rational choice paradigm that has dominated the field of law and economics since its inception in the middle of the 20th century
• Consideration of both the theoretical structure and practical importance of economic reasoning in the field of law
• Consideration of a broad set of challenges to the rational choice paradigm that can be grouped loosely under the rubric of behavioural law and economics
• Situations in which individuals fail to behave as rational, self-interested utility maximisers
• Consideration of whether these new behavioural theories provide a sufficiently firm theoretical foundation to be used to design or reform legal regulations
• Candidates will have ample opportunities to apply these theories to legal subjects that interest them.

• Class participation (10%)
• Class presentation (10%)
• Research paper 8,000 words (80%) (31 July) (topic approved by the subject coordinator)