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[formerly 440.639] Techniques of microeconomic theory and game theory are applied to analyze the effects of various laws on individual decisions and on the allocation of resources. Subject areas covered include the theory of public choice, the economics of property rights, contract law, and tort law. Topics include the efficient breach of contract, the determination of damages, the economics of patents and copyrights, optimal liability rules for environmental and other torts, economics of family law, bankruptcy law, zoning law, antitrust law, and the legal process. Prerequisite: 440.601 Microeconomic Theory and Policy. Corequisite: 440.606 Econometrics.