Last Updated: April 30, 2008 at 11:20pm-- This is the final update.

Final Exam Date and Time
    The Final Exam is Thursday 1 May 2008 from noon-3 pm in our usual classroom.
    Other than exam conflicts, there are no excused absences from the final exam. If you miss the exam you will be given a score of 0.

Contact
    If you have any questions or problems I highly encourage you to see me during office hours.
    For the final exam I will have office hours at the following times:

Suggestions
    1) Print out web notes and go through the topics systematically. This will also help you target your reading.
    2) Review the questions from all the midterms. Although I will not ask exactly the same questions, I will ask questions in similar ways and the midterms are a good review for the final.
    3) Be clear and organized--reduce the transactions costs of grading.
    4) Answer the question that is asked.
    5) If there are subsections to a question, arrange your answers by subsection.
    6) Make sure you know and can communicate the elements, tests, decision rules, and penalties for different types of cases.
    7) Think before you write. It may be in your benefit to outline the answer before writing it out in detail.
    8) Write your own questions. One good way to prepare for the final is to write possible test questions and then answer them. For the final exam I will include some questions that students write. If you would like to write a question and answer and submit it to me for consideration, please email it to me by Mon. 30 April 2007 at 9 am.

During exam
    You can write directly on the question sheet and will not need additional paper.
    You will not need a calculator.

After the exam
    Grades will be posted when they are done. The posting will include your final exam score, summary statistics (average, minimum, maximum, etc) about the final exam, and a letter grade, which will be your final class grade.

Types of questions I could ask
    1) T, F, U & Explain: I make an assertion and you must indicate whether it is true, false or uncertain and explain why. Most of the points are given for your explanation, not your answer about whether it is true or false! The best way to answer this type of question is to work your way through the answer and then write T, F or U at the end, rather than putting it first! ? points.
    2) Legal Problems with Economic Analysis what might Coase argue about an issue. What is the efficient outcome of a specific legal question.
    3) Economic Problems with legal applications - What happens to the prices and quantities of various law related goods? markets for lawyers, markets for number of complaints, etc.
    4) Case: I provide a set of facts and you analyze the case. Discuss how you would rule, whether plaintiff or defendant should win and why.
    5) Legal structures and institutions - court processes; court structure, appeal, rules, standards of evidence, etc.
    6) Regulation: I discuss a real-life regulation. You assess the costs and benefits, who benefits the most, does the regulation accomplishes what it is supposed to, unintended consequences, ....

Content
    The exam is comprehensive. Anything from class or the assigned reading can be asked on the test through what is indicated by the "End of Semester" line in the notes. Material beyond that point will NOT be covered.
    The following shows the course organization, makes notes about some of the sections, and lists the minimum number of points that will be on the test.

The 2008 exam information is below

    1. Introduction to Law and Economics -- will not be covered.
    2. Legal Institutions -- 1 question for 10 points.
    3. Market for Legal Services -- will not be covered.
    4. Coase Theorem and Regulation and Public Choice -- 1 question for 12 points.
    6. Property -- may be included in other sections.
    7. Intellectual Property -- 1 question for 18 points. 1 question for 12 points.
    8. Tort Law --1 question for 12 points.
    9. Risk and Uncertainty -- 1 question for 10 points.
    10. Contract Law -- 1 question for 10 points.
    11. Long-term contracts -- will not be covered.
    12. Fraud on the Market-- 1 question for 12 points.
    13. Antitrust -- 1 question for 12 points.
    14. Crime --  1 question for 10 points (the question will NOT be on guns)

    Note: 1 question for 10 points will use ideas that we covered in various sections of the course. 

    The total test contains 11 questions for a total of 128 points.

Answers
    If you would like to check the answers to your exam, please make an appointment to see me and we can go over your exam.

Regrades
    Grades will be changed only if I made a mistake in calculating your grade. Grades will not be changed for any other reason.

    Do well on the exam! Have a great summer.