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UOT ECO 320 Economic Analysis of Law Final Exam Review (University of Toronto) Economic Analysis of Law Test 1 Review Notes: CU Chapter 1: Introduction to Law and Economics Efficiency over Distribution in analyzing private law: • A possible way to pursue redistribution is through private law (property, contract, torts). Courts should make private laws to redistribute income to deserving groups of people (Consumers in favor over investors) • 4 Reasons this is inefficient: 1. Redistribu...

UOT ECO 320 Final Exam University of Toronto 2024 actual exam practice solution Property Law Imagine a train running through a wheat field and dispersing sparks which tend to set fire to the wheat. Suppose that the value of the lost wheat is $50. Moreover, suppose that the Railroad Company could prevent the loss by installing a spark arrestor at a cost of $100. Will the outcome be the same regardless of which party is endowed with the relevant property rights? What is the socially optimal outc...

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