The master level of the programme is documented through the use of a constitutive method (economic analysis) on a particular subject (law) combined with the fact that this economic analysis is based on a continuous legal comparison.
The programme duration lasts for one academic year with three terms; the first and second terms comprise introductory courses as well as core courses on the major topics in the economic analysis of law, while in the third term, students take specialized courses and write their master thesis.
The programme is led by the EMLE Board of Directors, which supervises the management and handles decision-making on key matters.
An overview of the EMLE structure can be found here.
SYNOPSIS OF THE EMLE COURSES
In this term, students earn 20 ECTS credits. All students are offered a Foundation course in two parts and must attend the remaining four courses (two single courses and a double course). ECTS credits earned with each course are reported in brackets.
|Partner||Course Title||Course description & Learning Goals|
|Rotterdam, Hamburg and Haifa||Introduction to Law (2ECTS)||This course provides a general introduction to the law and to the study of law. Students will become acquainted with the main fields of law: private law, criminal law, constitutional and administrative law. Specific attention will be paid to the basic differences between common law and civil law systems and to the relationship between national laws and European law. Besides the study and discussion of literature, students will train specific legal skills, such as the use of statutes, the analysis of judgments and the solution of legal cases. This course seeks to: Harmonize levels of understanding of law among lawyers and economists in the EMLE programmeFacilitate among lawyers from various countries an understanding of basic legal concepts and doctrines across legal systemsIntroduce both lawyers & economists to legal concepts and methods that are instrumental in the field of law and economics|
|Rotterdam, Hamburg and Haifa||Introduction to Microeconomics (2ECTS)||Economic analysis of law investigates legal rules and enforcement from an efficiency perspective. The main purpose of this course is to equip students with the fundamental set of conceptual tools of microeconomics, which can be applied to different economic and regulatory problems. After dwelling into the analytics of consumers? and producers? choice, the course discusses the main market structures, risk and uncertainty, and market failures.|
|Rotterdam, Hamburg and Haifa||Concepts and Methods of Law and Economics (4 ECTS)||This course offers an introduction to the basic concepts and methods of law and economics. It illustrates the broad utility of these tools by way of applications to the analysis of various core areas of law. This course does not aim to develop practical skills or new insights, but rather to show the broad utility of economic analysis of law. By combining examples from various areas of law, students will learn that the economic approach to law provides a unified vision of the law, tying together diverse areas of the law into a common theoretical structure.|
|Rotterdam, Hamburg and Haifa||Economic Analysis of Public Law (4 ECTS)||This course offers an introduction to the economic analysis of regulation, which is broadly interpreted as government intervention in market processes. The course illustrates the purposes of regulatory intervention from a welfare economics perspective, and it discusses the tension between public and private interest in regulatory choices. A special focus of this course is on issues of European regulation and on cost-benefit analysis.|
|Rotterdam, Hamburg and Haifa||Economics Analysis of Private Law (8 ECTS)||This double course aims at giving students an overview of the most important insights from the economic analysis of private law. It combines economic analysis of property law, tort law, and contract law. As far as property law is concerned, the course integrates the legal and the economic approach to ownership and illustrates costs and benefits of different ways to protect entitlements. As far as tort law is concerned, the course offers a comparative analysis of the legal principles from an economic perspective, particularly regarding the structure of liability, the damage compensation, and the insurance. As far as contract law is concerned, the course illustrates its goals and functions from an economic perspective. Moreover, it aims to provide a functional understanding of the spectrum of feasible contracts and of their use in legal practice.|
Second Term (Hamburg, Rotterdam, Ghent)
In this term, students earn 20 ECTS credits. All students must attend the same three fundamental courses. In addition, they must attend two specialized course, which depend on the selected track for specialization. ECTS credits earned with each course are reported in brackets.
|Partner||Course Title||Course description & Learning Goals|
|Rotterdam, Hamburg, Ghent||Empirical Legal Studies (4 ECTS)||Modern law and economics is unthinkable without empirical tests. This course makes students familiar with the most important aspects of such tests from the design stage, to the collection of data to the actual estimate of simple econometric models. It is a "hands on" course including many practical exercises. Students of this course will learn to: Think creatively about research designDescribe the dataRun OLS regressionsInterpret the data as it relates to causality|
|Rotterdam, Hamburg, Ghent||Corporate Governance and Finance (4 ECTS)||Economic efficiency may be undermined by misallocation of financial resources. This course discusses corporate law and financial regulation from the perspective of the correction of financial markets failure. The course focuses on the various legal, contractual and extra-legal mechanisms available to protect (minority) shareholders and other stakeholders from the self-serving behaviour of managers and of controlling shareholders. Moreover, the course addresses the problem of financial distress and its consequences for the financing of private and public enterprises, as well as for financial stability.|
|Rotterdam, Hamburg and Ghent||Competition Law & Economics (4 ECTS)||Competition policy (also called "antitrust policy") is a term used broadly to describe intervention by public authorities to ensure competition in markets for goods and services. This course aims at making students familiar with the application of economic arguments in European competition law. Comparisons with U.S. antitrust law are included where appropriate for a better understanding of cases and the implications of legislation and court rulings on economic efficiency.|
|Rotterdam||Advanced Economics of Regulation (4 ECTS)||This course aims to provide students with specialized knowledge in topical fields of economic and social regulation, including applications of competition policy to specific industries. To this purpose, the course supports guest lectures by field experts, who are either academics or professionals with a law and economics background, or both. Students are supposed to be already familiar with the methodology of economic analysis of regulation in order to bring the discussion to a more advanced level. This course prepares the students to use their skills both scientifically and in policymaking. The contents of the course are updated yearly. The topics include inter alia regulation of liberal professions, public utilities, environmental regulations and recent developments in competition policy.|
|Rotterdam||Markets, Corporations and Regulators Moot Court (4 ECTS)||This course is designed to provide students with advanced skills on the enforcement of law in the field of regulation of markets. In particular, students learn how to use economic arguments and economic evidence in real-life cases in courts and/or regulatory agencies. The course is organized in a moot court format. Students must take the role of plaintiffs, defendants, regulators or regulatees. They are supposed to base their arguments and decisions, both orally and in writing, on economic analysis of law. The topics, which are reviewed yearly, include inter alia competition law, product liability, mergers and acquisitions, financial and consumer law.|
|Hamburg||Economic Analysis of Constitutions||This course aims at providing students an overview of the fast growing field of constitutional law & economics. After laying the groundwork (why an economic theory of the constitution? What concepts of the constitution are used ? and useful?), it delves into the normative analysis of constitutions (Rawls, Buchanan). The main focus is, however, on positive issues. These can be separated into the (economic) effects of constitutions on the one hand and the determinants of constitutions on the other. The effects of a number of constitutional rules such as the form of government, the electoral system, and the use of direct democracy will be analyzed. After having shown that constitutions can have far-reaching effects, the course asks how the differences between constitutions can be explained. The course closes with a discussion of open questions such as the gap between de jure constitutional rules and their actual implementation. Throughout this course, comparative and quantitative analyses will occupy center stage.|
|Hamburg||Economic Analysis of International Law||The economic analysis of international law is a relatively young area of Law & Economics. Many exciting questions have been posed but few have been answered convincingly. The course begins by formulating a number of essential questions with regard to central issues of international law from an economic point of view. The course deals with the sources of international law as well as the role of international organizations in its implementation. It also discusses the relevance of domestic institutions for the implementation of international law. A large chunk of the course is devoted to analyze specific areas of international law (such as investment, trade, but also human rights and refugee law) from an economic point of view|
|Ghent||EA of Intellectual Property||This course will introduce students to the intersection between intellectual property law and economics. Topics range from the economic justification of intellectual property law, the enforcement of intellectual property, the political economy of intellectual property protection, as well as empirical studies of the effects of intellectual property rights on incentives and the level of creativity and innovation in society. The course will focus on copyright law, patent law, trademark law, and trade secrets.|
|Ghent||Advanced Contract Law and Economics||This course discusses advanced topics in contract law and economics with a focus on contexts of innovation and creativity. Through the lens of principal-agent-theory, we examine topics such as the function of contracts in innovative relations, contract design of venture capitalists, problems of crowdfunding, and the interaction of incentive schemes and creative output. A sound understanding of basic game-theoretic concepts of economic theory of contracts is a strongly suggested prerequisite for this course. While economic theory will be the methodological focus, the course accounts for insights from behavioral and experimental economics where appropriate.|
Third Term (Hamburg, Aix/Marseille, Vienna, Warsaw, Mumbai, Rome)
In this term, students earn 20 ECTS credits divided as follows: 5 ECTS credits are earned by attending two courses within the specializations introduced already in the second term:
1. Public and International Law Track (Mumbai, Rome, Hamburg)
2. Innovation and Intellectual Property Track (Mumbai, Aix)
3. Markets, Corporations and Regulators (Vienna, Warsaw, Rome, Aix)
15 ECTS credits are earned writing a master thesis in the form of a scientific paper of no more than 13.000 words on a specific subject in Economic Analysis of Law. In principle, supervision of master theses is offered in the area of a specialization, although a variety of other topics is allowed.
|Partner||Course Title||Course description & Learning Goals|
|Aix||Legal Framework for the Digital Economy||The course aims at providing a thorough and rigorous analysis of the legal issues that follow from the deep effects that the Internet and digital technologies have (i) on the structure of existing markets, (ii) on the creation of new markets, and (iii) on the strategies that economic agents (firms, consumers and regulators) deploy on these various markets. The tools of the theory of industrial organization are used to understand a wide array of online market phenomena, including multi-sided platforms, impacts of ?big data? (targeted advertising and pricing, recommendation systems, privacy), net neutrality and online business models. The course makes use of case studies to make parallels between theory and reality. At the end of the course, students should be able to (i) master an array of specific concepts from the theory of industrial organization, so as (ii) to understand how the Internet affects the working of markets, (iii) as well as the strategies implemented by firms, consumers and regulators on these markets, and (iv) to apply these theoretical concepts to inform public policy.|
|Aix||Competition Law For New Business Models||The course will first establish, via real life examples, that the production of goods and services is more than ever best characterized as a discovery process driven by an entrepreneurial spirit that constantly shifts the lines of the pre-existing markets and, as a matter of fact, invents new ways of developing profitable businesses (Google, Facebook, Smart phones, Block chains, etc). Starting from this analysis, the course will explore the relevance of the traditional concept of competition law (e.g. monopoly?s dead weight losses, SSNIP test or essential facility doctrine for a platform business) and their recent evolution. The course will also re-examine the articulation between, on one hand, ex ante regulation and, on the other hand, ex post correction via competition law in this new market environment. Finally, the role of intellectual property rights and their connection with the dynamic efficiency of markets will be investigated.|
|Hamburg||European Integration (European Union Law & Economics)||This course is devoted to an economic analysis of EU integration. We shall evaluate the case for economic integration in fields such as free movement of goods, free movement of workers, freedom of establishment, free movement of services and of capital. Understanding the legal framework and the lawmaking process is crucial for a complete picture of the EU. The course will also consider the economics of the Euro as a single currency, the design of the Eurozone, and the consequences of the financial crisis.|
|Hamburg||EA of International Trade & Investment Law (Advanced Issues in the Economics of International Law)||This course aims at enabling students to carry out the economic analysis of specific aspects of international law autonomously and independently. This promises to be an intellectual challenge as the economic analysis of international law is still in its infancy. An important criterion for the choice of the concrete subject of the course is the timeliness of the topic. Possible topics include ? but are not limited to ? investment and trade, the economic analysis of international refugee law, or the economic analysis of counterterrorism measures.|
|Mumbai||L&E of Development: Foundations||The course introduces students to fundamental development problems, issues faced by developing nations, debates on the relationship between law and (economic) development and exposes them to the diversity of international experience regarding legal interventions to promote development. It hopes to encourage students to go beyond multi-country/period statistical analyses and study the interface between law and economy as if both space and time, i.e., the historical context, mattered and appreciate the mutually constitute relationship between law, legal institutions, and economy. The course begins with an introduction to various economic perspectives on the relationship between law and development and then gradually complicates the narrative by bringing in multidisciplinary critiques, historical studies, and case studies on recent law and development interventions across the world.|
|Mumbai||L&E of Development: Institutions||This course is designed to expose the student to fundamental theoretical perspectives and empirical research that have developed over the years to study the emergence and functions of institutions, with special emphasis placed on law as an institution. Insights gained in the course will be helpful in understanding the role of institutions in development, and in analyzing the process of economic change.|
|Rome||Experimental Approaches to Law Making and Regulation||Students will start with learning the foundations of experimental methodology both in the lab and in the field, including some basic techniques for designing software and for analyzing the experimental data. Students will cover a selective list of experimental evidences supporting major findings of the standard L&E literature (that may include property, tort, contracts and crime as well as to the topics of consumer choice and behavioral regulation). Students will learn how to design and implement robust tests of regulatory reforms proposals through randomized control trials techniques.|
|Rome||Better Regulation||Students will approach all stages of the regulatory process, from rulemaking to institutional framework and enforcement, and they will acquire tools to improve the flow and the stock of regulation used at national, European and international level. Students will also familiarize with a large body of evidence from cognitive sciences that is relevant to regulation and will discover how it is being currently used in the regulatory process. Another learning goal concerns the analysis of the impact of cognitive sciences on the regulatory toolkit.|
|Vienna||Cases in Competition L&E||This seminar is for master students and covers selected topics in competition law and economics. We start with basic game theoretical models explaining market behavior in monopolies and oligopolies. We then discuss methods applied in antitrust cases as market definition, assessment of market power, evaluation of mergers and calculation of cartel damages. Students will present related competition cases and write a term paper. The aim of this seminar is to expand students' knowledge of advances in the field of competition economics at the master level. A particular emphasis is put on empirical applications and the discussion and presentation of cases. This course provides lectures on the basic game theoretic models as well as on the empirical implantation of these models and their applications. By presenting case studies, students will learn how to apply the theoretical and the econometric models to real world situations.|
|Vienna||Enforcement of Competition Law: Dispute Resolution & Procedure||The course deals with the enforcement of competition law in a twofold manner. On the one hand, itdiscusses the current EU-framework, the relevant case law and pertinent policy proposals and, on the other hand, it relates this competition-law specific policy approach to the general analysis of the respective topics (torts, criminal law, law enforcement, procedure).The seminar is held in English. This seminar aims at providing students with a research/literature-based analysis of advanced issues regarding the enforcement of competition law in the broad sense.The seminar also aims at increasing the students´ employability in economic consulting firms, in law firms, and in other specialized units (such as competition authorities) in the area of competition law.|
|Warsaw||International Corp. Governance||The aim of the course is to present the interdisciplinary concept of corporate governance by analyzing institutions and mechanisms of corporation supervision as well as institutions and mechanisms ensuring management accountability from international perspective. In different economic systems, different mechanisms and institutions of management supervision have emerged. Hence, the course takes the systemic view of the governance structures found around the world. A systems view tries to discover the ?internal logic? of a set of corporate governance mechanisms and institutions - how well do the components fit together? After the course students are capable of blocks building of corporate governance system as well as know the corporate governance mechanisms and their appropriateness of an entire system.|
|Warsaw||Financial Markets and Regulators||Students will become familiar with a mosaic system of domestic and international supervision over the financial market from the EU perspective. They will be informed about the difference between microprudential and macroprudential supervision. The European Union has been active within the financial sector, in particular after the financial crises of 2009. Students will learn about institutions involved in the European supervision, e.g. European Central Bank as well as they will be taught about various regulations over financial market.|
|Barcelona||Law and Economics of Innovation||tba|
|Barcelona||Advanced Course on Intellectual Property||tba|
Details about the internal organization of the programme (programme coordination, duties of the consortium universities, academic goals at. al.) can be found in the EMLE Consortium Agreement. Please note that the annexes attached to the agreement may have changed since ratification.
"Having a background in Philosophy and Economics, I was very keen on deepening my knowledge of the legal environment of markets and the way it functions. EMLE was the perfect fit. As a program that employs the analytical and rigorous economic approach while at the same time paying tribute to legal complexities, EMLE is not only interesting and academically challenging but also seeks to develop its students 'practical understanding' of how the economy and legal sphere work. This combined with the instruction of leading scholars in the field and a motivated as well as a gracious international student body rounds out the program perfectly. Overall, this makes me feel well-prepared for my PhD studies in the area of the economics of international law."
[EMLE Student 2015/2016]