2016/17 Taught Postgraduate Module Catalogue

LAW5561M Law and Economics of Regulation: Theory and Practice

15 creditsClass Size: 25

Module manager: Konstantinos Stylianou
Email: k.stylianou@leeds.ac.uk

Taught: Semester 1 (Sep to Jan) View Timetable

Year running 2016/17

This module is not approved as an Elective

Module summary

This module will provide students with an overview of the theory and practice around modern economic regulation of public services. Public services, like energy, water and telecommunications are key players in today’s economy, and anyone with an interest in national and international corporate and business law can benefit from a deeper understanding of why these aspects of economic life are regulated. The module draws from various lines of expertise of the School's Centre for Business Law and Practice, including commercial law, the interface of competition and regulation, and sector-specific regulation to offer students the necessary tools to understand the legal and economic aspects of regulation and how they apply to select industries. We will do so by presenting the most common theories of regulation, the basic economic and legal principles of regulation, and a series of cases from major jurisdictions, notably EU, UK and US.Students will have an opportunity to work on team presentations that will allow them to think like owners of businesses under regulation, but also like regulators. They will also benefit from the hands-on expertise of a practitioner who will be invited to deliver a guest lecture.

Objectives

The aim of this module is to introduce students to the theory and practice of regulation in an international context. Upon completion of the course students should be able to:
- Understand and analyse the theories behind why we regulate (public interest, market failure, natural monopoly etc)
- Evaluate economic and policy rationales for regulation
- Understand and analyse regulatory strategies (command and control, self-regulation etc)
- Understand the role of risk management, standard-setting and cost-benefit analysis in regulation
- Evaluate a variety of enforcement and compliance strategies
- Highlight the relationship between regulation and competition in the market
- Understand the nature and work of regulatory authorities in public service industries
- Examine high profile cases from the EU, UK and US context and see how they compare
On completion of this module, students should be able to ...

Learning outcomes
By the end of the module students will
- Have understood and will be in the position to critically assess concepts and theories and rationales on regulation
- Have familiarized themselves with the relevant terminology
- Have learned about high profile cases in the area
- Have acquired the skills to apply theories of regulation to select regulated industries

Syllabus

1. What is regulation
2. Theories of regulation
3. Economic and legal principles of regulation
4. Regulatory agencies
5. Regulatory tools and techniques
6. Regulation in practice: Telecommunications
7. Regulation in practice: Energy
8. Regulation in practice: Water

Teaching methods

Delivery type	Number	Length hours	Student hours
Seminar	8	2.00	16.00
Private study hours			134.00
Total Contact hours			16.00
Total hours (100hr per 10 credits)			150.00

Private study

Preparation for seminar classes
Private reading
Class presentation
Essay (summative)

Methods of assessment

Coursework

Assessment type	Notes	% of formal assessment
Essay	3,500 word essay	80.00
Presentation	one group presentation	20.00
Total percentage (Assessment Coursework)		100.00

Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated

Reading list

There is no reading list for this module

Last updated: 27/07/2016

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