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Law and Economics
Economics 4367 (WI)/7367 and Public Affairs 7367
University of Missouri Fall 2010 Instructor: Office: Hours: Phone: Email: Jeff Milyo 235 Professional Bldg. by appointment (573) 882-7785 milyoj@missouri.edu

Class Times: Monday and Wednesday; 3:30-4:45pm Location: Middlebush Hall, Room 310

Course Description: This course provides a broad survey of the economic analysis of American legal institutions. Students will apply basic microeconomic theory and statistical concepts to the study of property, contracts, torts, the legal process, crime and the judiciary. Course Requirements: Prerequisite: ECON 4351 and STAT 2500, or equivalent coursework (i.e., intermediate microeconomics and statistics through linear regression analysis). Required Readings: Robert Cooter and Thomas Ulen (2008). Law and Economics (5th Edition). Pearson Education, Inc. (New York, NY). Additional readings will be distributed in class or on the course website. Undergraduate Course Grades: Grades are determined by the weighted average scores on three homework assignments (20%), three short reaction papers (40%) and two in-class exams (40%). Students are encouraged to consult with one another when completing the homework and paper assignments, although the final product must the student’s own work. The in-class exams are closed-book, closed-note and non-collaborative. Graduate Course Grades: Graduate students are graded in a manner identical to undergrads, except that an 8-15 page research review essay is substituted for the reaction papers. The review essay must include a critical review of the literature on a specific hypothesis; however, the paper need not include any original theory or data analysis. The paper should be written in a professional style with complete references.

Grading Scale and Procedures: All assignments will be scored between on a 100-point scale; missing work will be scored as zero. Course grades are determined by averaging scores within assignment...

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