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10164-01 - Lecture: Fundamentals of Law and Economics (3 CP)
| Semester | spring semester 2025 |
| Course frequency | Every spring sem. |
| Lecturers | Ryan Bubb (ryan.bubb@unibas.ch) |
| Content | This course provides a foundational understanding of how economic analysis can illuminate the operation of legal rules and institutions. We will focus primarily on private law areas, such as the law of accidents (torts), property, and contracts. For example, we will analyze the economic rationale for property rights, examining how they address externalities and facilitate efficient resource allocation. We will also delve into contract law, investigating how it promotes mutually beneficial exchange by providing a framework for agreement and enforcement. Our exploration of tort law will consider how different liability rules affect incentives for precaution and influence the allocation of accident costs. In addition to considering canonical economic analyses of these topics based on the standard rationality assumption of neoclassical economics, we will also consider how insights from behavioral economics—incorporating more realistic psychological assumptions into our economic analyses—can enrich our understanding of legal institutions. In addition, we will consider the operation of new legal tools suggested by behavioral economics, often referred to as “nudges.” We will also examine some more fundamental aspects of legal design, including the choice between rules and standards, the optimal degree of legal complexity, how legal uncertainty affects the incentives produced by the legal system, and the choice between protecting legal entitlements with property rules or with liability rules. While the course emphasizes positive economic analysis of law, explaining how legal rules work and what their consequences are likely to be, we will also consider normative implications. We will evaluate the efficiency of different legal rules and explore how they can be designed to promote social welfare. While the course will focus on U.S. law, given the instructor’s background, the legal and economic issues we will analyze emerge in every jurisdiction, and we will on occasion take a comparative perspective. |
| Learning objectives | Students should come away with an enhanced understanding of the economic dimensions of legal rules, and an ability to understand the possible welfare implications of different regulatory approaches to social problems. |
| Bibliography | Course materials will include scholarly articles, book excerpts, and judicial opinions. |
| Comments | This course is part of the Summer School in Law, Business and Economic Policy. |
| Weblink | Weblink to the Summer School |
| Admission requirements | Recommended Prerequisites: Introduction to Economics (Grundlagen der Volkswirtschaftslehre, 10130) The course is also very suitable for law students. Please keep in mind that the prerequisites is a recommendation and not mandatory. |
| Course application | All applications have to be processed through the Summer School office. The enrollment for the course is at the same time the final registration for the exam! The online application is open from 20 February - 17 March 2025. Applications that are submitted by 3 March (23:55) will be handled on a priority basis. Please fill in the application form, which can be found on the weblink: https://wwz.unibas.ch/de/studium/summer-school/ If there are still vacancies, we will accept late applications until 31 May 2025 |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| täglich | See individual dates | ||
Dates
| Date | Time | Room |
|---|---|---|
| Monday 30.06.2025 | 09.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35 |
| Tuesday 01.07.2025 | 09.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35 |
| Wednesday 02.07.2025 | 09.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35 |
| Thursday 03.07.2025 | 09.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35 |
| Monday 07.07.2025 | 09.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35 |
| Tuesday 08.07.2025 | 09.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35 |
| Wednesday 09.07.2025 | 09.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35 |
| Thursday 10.07.2025 | 09.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35 |
| Modules |
Electives Bachelor Business and Economics: Recommendations (Bachelor's Studies: Business and Economics (Start of studies before 01.08.2021)) Electives Bachelor Business and Economics: Recommendations (Bachelor's degree subject: Business and Economics (Start of studies before 01.08.2021)) Modul: Wahlbereich in Wirtschaftswissenschaften (Bachelor's degree subject: Business and Economics) Modul: Wirtschaft in Osteuropa (Bachelor's degree program: Eastern European Studies) Modul: Wirtschaft in Osteuropa (Bachelor's degree subject: Eastern European Cultures) Wahlbereich innerfakultär: Zusätzliches Lehrangebot (Bachelor's Studies: Business and Economics) |
| Assessment format | record of achievement |
| Assessment details | You are expected to prepare for and attend every class and participate actively. Grading will be based on class participation (30%) and a final written, closed-book examination (70%). Date of final examination: 11 July 2025. |
| Assessment registration/deregistration | Registration/deregistration: faculty |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |