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2021/22 Taught Postgraduate Module Catalogue

LAW5563M Law and Economics of Business Regulation

15 creditsClass Size: 30

Module manager: Dr Konstantinos Stylianou

Taught: Semester 2 (Jan to Jun) View Timetable

Year running 2021/22

Module replaces

LAW5561M Law and Economics of Regulation

This module is not approved as an Elective

Module summary

Regulation is all around us. It is impossible to go through a day without applying or being constrained by rules created by regulatory authorities, be it how you access the internet, how much you pay for electricity, or what the quality of tap water should be. This module will help students understand how regulation and regulated industries work, and it will provide students with an overview of the theory and practice around modern economic regulation of public services. The module should be of interest to students who take courses in commercial law, competition law, and sector-specific regulation. It will present 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 in teams 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.


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.

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, regulatory strategies, tools and agencies;
- have understood the main features and special characteristics of three key regulated industries;
- have acquired the skills to apply theories of regulation to select regulated industries;
- have acquired a good command of the relevant literature;
- have familiarized themselves with the relevant terminology;
- have learned about high profile cases in the area;
- have learned how to think from different industry stakeholder viewpoints and understand conflicting interests.


What is regulation
Regulatory rationales
Regulatory strategies
Regulatory tools and agencies
Regulation in practice: Telecommunications
Regulation in practice: Energy
Regulation in practice: Water

Teaching methods

Private study hours150.00
Total Contact hours0.00
Total hours (100hr per 10 credits)150.00

Private study

The School is committed to providing an excellent student education and experience. This will involve a variety of teaching methods and follow a blended learning model, including meaningful on-campus in-person teaching for all students. Further information regarding teaching delivery will follow.

Methods of assessment

Assessment typeNotes% of formal assessment
Essay3,500 word essay80.00
PresentationOne group presentation20.00
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: 02/09/2021 17:02:41


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