Ronald Harry Coase was a British economist and author. Coase received a bachelor of commerce degree (1932) and a PhD from the London School of Economics, where he was a member of the faculty until 1951. He was the Clifton R. Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. He received the Nobel Memorial Prize in Economic Sciences in 1991.
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law, which emerged primarily from scholars of the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated. There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance.
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.
The University of Chicago Law School is the law school of the University of Chicago, a private research university in Chicago, Illinois. It is consistently ranked among the best and most prestigious law schools in the world, and has many distinguished alumni in the judiciary, academia, government, politics and business. It employs more than 180 full-time and part-time faculty and hosts more than 600 students in its Juris Doctor program, while also offering the Master of Laws, Master of Studies in Law and Doctor of Juridical Science degrees in law. The law school has the highest percentage of recent graduates clerking for federal judges.
Gordon Tullock was an economist and professor of law and Economics at the George Mason University School of Law. He is best known for his work on public choice theory, the application of economic thinking to political issues. He was one of the founding figures in his field.
Robert JamesGordon is an American economist. He is the Stanley G. Harris Professor of the Social Sciences at Northwestern University. Gordon is one of the world’s leading experts on inflation, unemployment, and long-term economic growth. His recent work asking whether U.S. economic growth is “almost over” has been widely cited, and in 2016 he was named as one of Bloomberg’s top 50 most influential people in the world.
David Schmidtz is a Canadian-American philosopher. He is Presidential Chair of Moral Science at West Virginia University's Chambers College of Business and Economics. He is also editor-in-chief of the journal Social Philosophy & Policy. Previously, he was Kendrick Professor of Philosophy and Eller Chair of Service-Dominant Logic at the University of Arizona. While at Arizona, he founded and served as inaugural head of the Department of Political Economy and Moral Science.
Sanford "Sandy" Jay Grossman is an American economist and hedge fund manager specializing in quantitative finance. Grossman’s research has spanned the analysis of information in securities markets, corporate structure, property rights, and optimal dynamic risk management. He has published widely in leading economic and business journals, including American Economic Review, Journal of Econometrics, Econometrica, and Journal of Finance. His research in macroeconomics, finance, and risk management has earned numerous awards. Grossman is currently Chairman and CEO of QFS Asset Management, an affiliate of which he founded in 1988. QFS Asset Management shut down its sole remaining hedge fund in January 2014.
Eric Andrew Posner is an American lawyer and legal scholar who has served as a counsel for the Department of Justice Antitrust Division since 2022. As a law professor at the University of Chicago Law School, Posner has taught international law, contract law, and bankruptcy, among other areas. As of 2021, he was the second most-cited active legal scholar in the United States. He is the son of retired Seventh Circuit Judge Richard Posner.
Margaret Jane Radin is the Henry King Ransom Professor of Law, emerita, at the University of Michigan Law School by vocation, and a flutist by avocation. Radin has held law faculty positions at University of Toronto, University of Michigan, Stanford University, University of Southern California, and University of Oregon, and has been a faculty visitor at Harvard University, Princeton University, University of California at Berkeley, and New York University. Radin's best known scholarly work explores the basis and limits of property rights and contractual obligation. She has also contributed significantly to feminist legal theory, legal and political philosophy, and the evolution of law in the digital world. At the same time, she has continued to perform and study music.
David Hirshleifer is an American economist. He is a professor of finance and currently holds the Merage chair in Business Growth at the University of California at Irvine. As of 2018 he became President-Elect of the American Finance Association. In 2017, he was elected as Vice President of the American Finance Association (AFA) and assigned as Research Associate to National Bureau of Economic Research. He was previously a professor at the University of Michigan, Ohio State University, and UCLA. His research is mostly related to behavioral finance and informational cascades. In 2007, he was on the Top 100 list of most cited economist by Web of Science's Most-Cited Scientists in Economics & Business.
Beth Hayes was an American economist specializing in theoretical microeconomics. She has been memorialized by an award established by the University of Pennsylvania.
Florencia Marotta-Wurgler is a Professor of Law at the New York University School of Law. Her specialties are contract law and commercial law.
John Anthony Edwards Pottow is the John Philip Dawson Collegiate Professor of Law at the University of Michigan Law School, specializing in international commercial law, bankruptcy and consumer finance. In addition to scholarship, Pottow is known for pro bono work and has argued pro bono cases before the United States Supreme Court and several United States Courts of Appeals, winning an award for pro bono service. His public service in international trade law includes service on the United States Delegation to the United Nations Commission on International Trade Law (UNCITRAL) and the State Department's Advisory Committee on Private International Law.
Kyle D. Logue is an American law professor and the Douglas A. Kahn Collegiate Professor of Law at the University of Michigan Law School. From 2006-2016 he was the Wade H. and Dores M. McCree Collegiate Professor of Law. Logue is a leading scholar and teacher in the fields of insurance law, tax law, and torts. Logue uses insights from economics, psychology, and other disciplines to shed light on issues relating to the allocation, regulation, and fair distribution of risk in society. His recent research includes work on how private insurance contracts regulate individual and commercial behavior and on how public law regulates the behavior of insurance companies.
In economic theory, the field of contract theory can be subdivided in the theory of complete contracts and the theory of incomplete contracts.
Lisa Bernstein is a lawyer and law professor. She currently serves as the Wilson-Dickinson Professor of Law at the University of Chicago Law School. Her work is in the field of law and economics and she is the co-editor of the textbook Customary Law and Economics.
Ariel Porat is the president of Tel Aviv University (TAU), a full professor and former dean at TAU's Buchmann Faculty of Law. Until his appointment as president, he was a distinguished visiting professor of law at the University of Chicago Law School. He is a member of the Israel Academy of Sciences and Humanities, incumbent of the Alain Poher Chair in Private Law at TAU, and recipient of The EMET Prize for Art, Science and Culture for Legal Research.
Douglas J. Skinner is an accounting professor, and the Deputy Dean for Faculty and Eric J. Gleacher Distinguished Service Professor of Accounting at the University of Chicago Booth School of Business. His substantive interests are in corporate accounting and specifically in disclosure practices of corporations and the role of disclosure in shareholder litigation, corporate financial reporting, and corporate finance.
Oren Bar-Gill is an Israeli-American lawyer, economist, and academic. He is William J. Friedman and Alicia Townsend Friedman Professor of Law and Economics at Harvard Law School, and a Sackler Fellow at Tel Aviv University. He is most known for his research in contract law, law and economics, and behavioral law and economics.
