W. Bentley MacLeod

Columbia University in the City of New York, Lectures on Law, Economics and Contract
Tuesday 31 March 2009 - Thursday 02 April 2009

W. Bentley MacLeodW. Bentley MacLeod invité à l’Université de Paris X
Lectures on Law, Economics and Contract Le mardi 31 mars et le jeudi 2 avril
Dans le cadre des activités de l’UMR EconomiX et de l’Ecole Doctorale « Economie, Organisation, Société »
de l’Université de Paris X
Salle G 614, Bâtiment G Mardi 31 mars, 10:30-12:30
Economic Foundations for understanding Legal Institutions Mardi 31 mars, 14:30-16:30
The Impact of Law Jeudi 2 avril, 10:30-12:30
Introduction to Authority and Contract Jeudi 2 avril, 14:30-16:30
Reputation and Relational Contracts Les supports des cours (en accès privé)
Outline Modern economies depend upon a complex set of interlocking elements - property rights, enforceable contracts and well function markets. The goal of the course is to provide an is provide  a taste of some of the recent work that explores the interplay between the law and economic performance. The first day addresses the practical question of whether rules make a difference. In this morning we discuss some evidence regarding incentive contracts. Next, we discuss the notion of causality and how one can determine whether or not a rule change actually makes a difference, as opposed to merely hoping it makes a difference. In the afternoon we discuss some papers that assess the impact of some legal rules. The second day of lectures focuses upon contract  economics. In the morning we discuss the economics underlying construction contracts. These provide a wonderful example of the trading off planning against the costs of contract renegotiation when the unexpected occurs. In the afternoon we explore the extent to which reputation can enforce contracts. This is an important question because many transactions depend upon parties trusting that the other party will performance.

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