Economics of Business and Law

"Economics of Business" teaches students to apply economic theory to management problems. Managers do not only have to solve incentive and information problems within their organizations, they also have to cope with market competitors, factor deliverers, or banks. "Economics of Law" fosters the understanding of (and the influence on) the design of the legal environment of the firm and may play a vital role for managerial success. Three keywords, thus, structure the teaching of "Economics of Business and Law": organization, markets, and politics.

Students who aim at a career in internationally-operating organizations and firms increase their strategic competence when possessing an analytical toolbox, as taken from game theory, contract theory, and public choice. While these quantitative economic tools may often require some mathematics, the teaching of "Economics of Business and Law" focuses on its practical applicability. Moreover, the theoretical insights are discussed and criticized in the light of experimental results.