Course Outcomes
Econ 421 students will be able to
- Demonstrate a basic familiarity with the Common Law.
- Analyze the incentives created by Common Law tort rules.
- Analyze the incentives created by Common Law contract rules.
- Distinguish between "property rules" and "liability rules" with regard to property rights.
- Evaluate the relative efficiency of specific tort rules.
- Evaluate the relative efficiency of specific contract rules.
- Analyze the incentives to litigate or settle under different rules about which party pays the costs of the litigation.
- Analyze the incentives created by criminal sanctions.
- Synthesize the relevant economics and legal literature, including Federal and Supreme Court rulings, via a substantial survey paper on a specific tort, contract or property issue.