Economics 4450
Law and Economics
David B. Mustard
Midterm 1 Information


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Last Updated on Monday Sep. 15 at 3 pm. THIS IS THE FINAL UPDATE.

Midterm Grading Policy
    If you do not take a midterm, the weight of that midterm will be applied to your final exam. Your decision must be made before the midterm begins. You cannot take the midterm or part of the midterm and later choose to drop it. If you do not want the test to count, DO NOT COME to the classroom. Once the test is handed out, it will count.

Content: The test will cover readings and lectures through Mon. Sep. 14. See the course outline for details. I try to emphasize on exams the things I emphasize in the lectures and readings.

    The questions that will be primarily drawn from the following broad topics:
    1. Introduction - no questions
    2. Legal Institutions - 1 question for 10 points.
    3. Market for Legal Services - 1 question for 10 points. 
    4. Property Law - 3 questions for 6 points, 10, and 14 points.
    5. Coase Theorem---will not be covered on the exam

Length: 
    The test will have 5 questions for 50 points. The number of points will be listed next to each questions. You will have 50 minutes to complete the exam.

Suggestions:
    1) Print out web outline and go through the topics systematically. This will also help you target your reading.
    2) Think before you write. It is to your benefit to outline the answer before writing it out in detail.
    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.

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

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.
    2) Legal Problems with Economic Analysis.
    3) Economic Problems with legal applications.
    4) Questions from readings - you should be able to provide a coherent overview of the main arguments from the readings.
    5) Extensions of ideas and principles we discussed in class.

Grades:
    Information about grades will be posted as soon as they are done. The postings will include your score and summary stats for the exam.