Belarusian Economic Research and Outreach Center

Open Lecture “Introduction to Economic Analysis of Law”

Open Lecture “Introduction to Economic Analysis of Law” was held on February 25, 2012. The Lecturer - Yaraslau Kryvoi, Senior Lecturer, Ealing Law School, University of West London, UK.

The lecture introduced economic analysis of law, also known as Law & Economics. Although it is very influential in the West, particularly in the United States, it is almost unknown in Belarus and other post-Soviet countries. Economic analysis of law helps to analyse law applying the methods of economics. Economic concepts are used to explain the effects of laws and contracts and increase their efficiency. In particular, the lecture demonstrated how decision trees can be used to review litigation strategies and settlement offers, the basics of information theory such as moral hazard and adverse selection. It also introduced how to structure a contract taking into account incentives of the parties and the game theory.
 
Both economists and lawyers took part in the lecture.