LAW AND ECONOMICS COURSES FOR DOCTORAL STUDENTS AND FACULTY MEMBERS 2021
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www.szgerzensee.ch
Foundation of the Swiss National Bank
LAW AND ECONOMICS COURSES
FOR DOCTORAL STUDENTS
AND FACULTY MEMBERS 2021
TABLE OF CONTENTS
Introduction 3
Program 3
Courses 4–6
Funding and Organization 7
Admission 7
Contact 7
Location 7
1Photo: Corinne Conti Ambühl Design: Gerber Druck AG, Steffisburg
Law and Economics Courses for Doctoral Students and Faculty Members 2021
INTRODUCTION
The Study Center Gerzensee, Foundation of around the world, and specialists from the In 2021, the Study Center is offering three
the Swiss National Bank, opened its doors Swiss National Bank and other partner insti- Law and Economics Courses for Doctoral
in 1986 to serve as an international training tutions. Students and Faculty Members. This bro-
and conference center for economists and chure lays out the program, introducing the
central bank staff. Based at an old manor in Over the last decades, doctoral students, course contents and lecturers. It also pro-
the heart of Switzerland, the Center features faculty members, and other interested indi- vides information on funding, organization,
state-of-the-art seminar rooms as well as a viduals from Switzerland and abroad have and admission.
fully equipped hotel, restaurant, and sports participated in the Study Center’s Law and
facilities. High-ranking members of the Swiss Economics Courses for Doctoral Students I hope you will find the program attractive.
National Bank, the Swiss government, and and Faculty Members. The courses cover At the Study Center, we are looking forward
the academic and business communities topics in law and economics that vary from to welcoming curious and ambitious course
serve on the Center’s Foundation Council year to year. They target doctoral students, participants to Gerzensee.
and the Advisory Committee for Education faculty members, and other interested indi-
and Training. Academics actively engaged in viduals who seek advanced training in law
research direct the Center and manage its and economics to understand and conduct
programs. The faculty is composed of the first-rate academic research. Dirk Niepelt
Center’s own staff, leading scholars from Director
PROGRAM
Governance and Regulation of Blockchain A typical course day includes classroom Optionally, they may take an exam; upon
and FinTech lectures of three hours as well as exercise request, the Study Center reports the grade
David Yermack, New York University review sessions or office hours to discuss to the participant’s university. It is the re-
Stern School of Business thesis projects. Course weeks typically start sponsibility of participants to obtain credit
January 25–29 on Monday at 10:30 a.m. and end on Friday with their universities.
at noon. Participants obtain a certificate.
Law and Economics of Consumer
Contracts and Privacy
Florencia Marotta-Wurgler,
New York University School of Law
June 14–18
Law and Economics of Liability and
Enforcement for Corporations and
Individuals
Jennifer Arlen, New York University
School of Law
June 21–25
3www.szgerzensee.ch
GOVERNANCE AND REGULATION OF BLOCKCHAIN AND FINTECH
David Yermack JANUARY 25–29 of luxury goods and fine art will also be
New York University studied. In many classes we will contrast
Stern School of Business This course will introduce students to the the regulatory approaches to cryptograph-
new discipline of FinTech, with a focus on ic assets with the legacy approaches used
the application of blockchain technology in securities, banking, and other statutory
to digital currencies and payment systems, frameworks, and we will make numerous
smart contracts, identity management, and international comparisons. While some
numerous other emerging applications. knowledge of game theory, computer pro-
While financiers since the Renaissance have gramming, and cryptography would be
continually sought to apply technology to helpful for understanding this interdisciplin-
financial markets, a radical change occurred ary subject area, the course will be taught
in 2008 with the publication of Nakamoto’s from a Law and Economics perspective and
proposal for the first successful cryptocur- will introduce these more technical topics at
rency, Bitcoin, which was built on top of an an elementary level.
innovative new financial ledger known as a
blockchain. David Yermack is the Albert Fingerhut Pro-
fessor of Finance and Business Transforma-
Within its first few years, Bitcoin created tion and chairman of the Finance Depart-
novel legal problems, such as how to enforce ment at New York University’s Stern School
financial regulations against decentralized of Business, where he has been a member
networks that are governed by consensus of the faculty since 1994. He is also an ad-
protocols with no identifiable leadership. junct professor of Law at the NYU School of
Governments around the world have been Law, director of the NYU Pollack Center for
forced to consider the legal status of self-ex- Law and Business, and a research associate
ecuting smart contracts, the property rights of the NBER Law and Economics program.
accruing to owners of cryptographic assets, In 2014, David Yermack began teaching a
and the boundaries of existing bodies of law full semester course at NYU on “Digital Cur-
in areas such as banking, securities, money rency and Blockchains” with his Law School
transmission, and consumer protection. A colleague Geoffrey Miller. The course was
fast-growing practice area has emerged in the first in the world on this topic taught
“blockchain law,” and jurisdictional compe- at a major research university, and it now
tition has begun among countries that vari- draws more than 200 students annually. He
ously seek to encourage or exclude FinTech has taught shorter versions of the course at
applications from existing markets. several universities in Europe and Australia.
He has presented his FinTech research at
Blockchains have also created novel prob- numerous international universities, NGOs,
lems in private regulation, such as the and regulatory agencies including the Unit-
governance of permissioned blockchain ed Nations, BIS, OECD, U.S. Treasury, U.S.
networks, the organization of global, de- Securities and Exchange Commission, In-
centralized mining pools, and the initiation ter-American Development Bank, World
of hard forks that can create spontaneous Bank, and the U.S. Public Company Account-
divisions within communities of users. New ing Oversight Board. David Yermack earned
entities such as crypto asset exchanges have his AB in Economics (1985) from Harvard
grown quickly and have often been sus- College, MBA (1991) from Harvard Business
ceptible to hacking and fraudulent trading School, JD (1991) from Harvard Law School,
schemes. and AM (1993) and PhD (1994) degrees in
business economics from Harvard Univer
In this course, we will survey the foun- sity, where he wrote his dissertation under
dational literature of cryptocurrencies, block- the supervision of Andrei Shleifer. Before
chains, smart contracts, consensus protocols, becoming a full-time academic he worked
initial coin offerings and related regulatory as a management consultant and financial
issues. Applications of FinTech in areas such journalist.
as corporate finance, central banking, in-
vestment management, real estate, supply
chain management, and the authentication
4Law and Economics Courses for Doctoral Students and Faculty Members 2021
LAW AND ECONOMICS OF CONSUMER CONTRACTS AND PRIVACY
Florencia Marotta-Wurgler JUNE 14–18 Florencia Marotta-Wurgler is a professor of
New York University law at New York University School of Law
School of Law Consumer contracts, ranging from financial and the director of the NYU Law School
transactions to the protection of personal in- Study Abroad Program in Buenos Aires. Her
formation, have been receiving intense scru- teaching and research interests are contracts,
tiny from legislators, regulators, and courts consumer privacy, electronic commerce, and
around the world. The European Union’s law and economics. Her published research
General Data Protection Regulation (GDPR) has empirically addressed various problems
went into effect in May 2018; it mandates associated with standard form contract on-
that firms follow rules regarding collection, line, such as the effectiveness of disclosure
use, and security of personal information, and information privacy regimes, and wheth-
and disclose their practices in their privacy er people read the fine print. In 2009, she
policies. The state of California followed suit testified before the US Senate Committee on
in January 2020 with the California Consum- Commerce, Science, and Transportation at a
er Privacy Act. In addition, there have been hearing titled “Aggressive Sales Tactics on the
debates regarding the effectiveness of the Internet and Their Impact on American Con-
existing techniques to police overreaching or sumers.” She is a co-reporter of the Ameri-
abusive behavior by businesses, such as the can Law Institute’s Restatement of the Law of
EU’s Unfair Commercial Terms Directive and Consumer Contracts, a member of the Max
the United States’ unconscionability doctrine. Planck Scientific Advisory Board, Research on
This seminar will explore the nature, enforce- Collective Goods, and a fellow at the Engel-
ment, purpose, and content of consumer berg Center for Information Law and Policy at
contracts and privacy regulation, and consid- NYU School of Law. She received a BA magna
er whether the current regimes of consumer cum laude from the University of Pennsylva-
protection and self-regulation by contract are nia and a JD Cum Laude from NYU School
effective. of Law.
5www.szgerzensee.ch
LAW AND ECONOMICS OF LIABILITY AND ENFORCEMENT
FOR CORPORATIONS AND INDIVIDUALS
Jennifer Arlen JUNE 21–25 important contributions in their own areas of
New York University research. Jennifer Arlen will be available to
School of Law This course is designed for PhD students and meet with students about their own research
academics interested in issues relating to the projects in the afternoon.
optimal structure of liability for a wide range
of harms including: torts (including medical Jennifer Arlen is the Norma Z. Paige Profes-
malpractice and products liability), corporate sor of Law and the faculty director of both
and individual liability for crimes and regula- the Program on Corporate Compliance and
tory offenses (including money laundering, Enforcement and the Center for Law, Eco-
corruption, environmental offenses, and se- nomics and Organization at New York Uni-
curities fraud), compliance, and whistleblow- versity School of Law. She is an internation-
ing. ally recognized expert on corporate criminal
enforcement, torts and medical malpractice,
This course differs from other courses on law and experimental law and economics. She
and economics of liability in that it recogniz- has served as the president of the American
es that most torts and crimes involving large Law and Economics Association and helped
harm are not committed by autonomous create and served as the president of the So-
individuals. Instead, they are committed by ciety for Empirical Legal Studies. She currently
people employed by, and acting on behalf of, serves on the editorial board of the American
corporations. As this course demonstrates, Law and Economics Review and is the Asso-
we must alter the framework we employ ciate Reporter for enforcement for the Ameri-
when harms/misconduct are caused by em- can Law Institute’s Principles of Law, Compli-
ployees of firms because firms are defined by ance, Enforcement, and Risk Management for
imperfect information about (and imperfect Corporations. A prolific scholar, Jennifer Arlen
control over) the behavior of the actors with- has published three edited volumes including
in the firm. This course shows how recogniz- the “Research Handbook on the Economic
ing this alters the central purpose of liability Analysis of Torts” (2013) and the “Research
— whether for torts, crimes, or regulatory Handbook on Corporate Crime and Financial
violations — and in turn leads to conclusions Misdealing” (2018). She also has published
that differ from those of the classic model. articles in the RAND Journal of Economics ;
the Journal of Law Economics, and Organi-
The course begins with the classic law and zation ; the Journal of Legal Studies ; the Jour-
economic analysis of torts (including prod- nal of Legal Analysis ; the Yale Law Journal;
ucts liability and medical malpractice), crime, Chicago Law Review ; New York University
and corporate liability. We next explore the Law Review; and the University of Pennsyl-
economics of principal-agent relationships, vania Law Review. Three of her articles were
focusing on lessons for scholars of economic selected by the Corporate Practice Com-
analysis of the firm. Using this analysis, we mentator as one of the three best articles in
develop a new framework in which imperfect corporate and securities law. Jennifer Arlen
information and imperfect control play a cen- earned her BA from Harvard University (mag-
tral role. na cum laude in Economics) and obtained
a JD and PhD in Economics from New York
During the last few days we’ll apply these University. After law school, she clerked for
insights to the study of liability for torts, Judge Phyllis Kravitch on the U.S. Court of
crimes, and regulatory offenses. We will start Appeals for the 11th Circuit. She has been a
with medical malpractice and product liabil- visiting professor at the California Institute of
ity. We then will consider corporate liability Technology, Harvard Law School, and Yale
for crimes and regulatory offenses — the use Law School, and was the Ivadelle and Theo-
of deferred prosecution agreements and dore Johnson Professor of Law and Business
other non-trial corporate resolutions in the at USC Gould School of Law before coming
US, UK and France. We also will examine to NYU. Jennifer Arlen teaches corporations,
non-legal sanctions, including reputational business crime, and a seminar on corporate
sanctions. Finally, we will examine superviso- crime and cinancial misdealing.
ry liability and bounties.
Students should leave the course with a
new set of tools that they can use to make
6Law and Economics Courses for Doctoral Students and Faculty Members 2021
FUNDING AND ORGANIZATION
The program is heavily subsidized. The the cost of a single or double room with full Participants are responsible to obtain visas
course fee for students or faculty members board. For information about the hotel ser- for their entire trip including transit destina-
affiliated with a university or other research vices, see the website of the Study Center’s tions; after admission, the Study Center may
institution amounts to CHF 400, and for hotel (www.hotelschlossgerzensee.ch). The issue an invitation letter upon request. No
other participants to CHF 1’400. The fee is restaurant offers meat, fish, and vegetarian accompanying persons are admitted.
non-refundable. It covers tuition as well as meals and caters to special diets.
ADMISSION
The Study Center invites Swiss universities
and the Swiss National Bank to nominate Representatives: Deadlines:
candidates. It also invites individuals who are ETH Zurich, Stefan Bechtold Candidate affiliated with Swiss university
not affiliated w ith a Swiss university o r t he Swiss National Bank, Carlos Lenz or Swiss National Bank submits application
Swiss National Bank to apply directly to the The Graduate Institute, Pauwelyn Joost form to representative: October 16, 2020.
Study Center. As space is limited, the Center University of Basel, Markus Schefer
cannot admit all qualified applicants. Repeat University of Bern, Susan Emmenegger Other candidate submits application form
applications are possible. University of Fribourg, Jean-Baptiste Zufferey to Study Center: October 23, 2020.
University of Geneva, Luc Thévenoz
Applicants must be enrolled in a doctoral University of Lausanne, Christian Thoeni Study Center communicates admission
program or must have completed their PhD. University of Lucerne, Klaus Mathis decision: End of November, 2020.
University of Neuchâtel, Valérie Défago Gaudin
Candidates affiliated with a Swiss university University of St.Gallen, Katrin Krehan Participant pays fee: December 15, 2020.
or the Swiss National Bank should submit a University of Zurich, Hans Caspar von der Crone
completed application form to the repre-
sentative at their home institution listed be-
low. The form can be downloaded from the
Study Center’s website (https://szgerzensee.
ch/courses/law-and-economics-courses/
program-2021).
Other candidates should submit the com-
pleted application form to the Study Center.
CONTACT
All mail as well as inquiries should be addressed to:
Study Center Gerzensee, Law and Economics Courses for Doctoral Students and Faculty Members,
Dorfstrasse 2, CH-3115 Gerzensee, Switzerland, Tel: +41 31 780 31 03, e-mail: lae@szgerzensee.ch
LOCATION
7Study Center Gerzensee Dorfstrasse 2, 3115 Gerzensee, Switzerland
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